In what remains a historic feat in Nigeria’s investment landscape over the years, the Nigeria Sovereign Investment Authority (NSIA) has reported a total net asset of N4.35 trillion by December 2024 after a sustained 12 years of profitable operations.
Data from the Authority’s financial reports indicated that its Net Assets nearly doubled in FY 2024, increasing by 96% from the N2.22 trillion it recorded at the end of its financial operations in 2023.
According to the report, the results underscore the resilience of NSIA’s investment strategy and the strength of its earnings, driven by a well-diversified revenue base and robust risk management practices, despite a challenging global macroeconomic and geopolitical environment.
Some of the key highlights of the Authority’s financial performance during the period under review showed that in FY 2024 it had remained profitable for 12 consecutive years, resulting in cumulative retained earnings of N3.74 trillion at the end of 2024.
- Advertisement -
The report reflected its total operating profits, excluding share of profits from associates and Joint Venture (JV) entities, grew from N1.17 trillion in 2023 to N1.86 trillion in 2024, driven by the strong performance of NSIA’s diversified investment portfolio, infrastructure assets, gains from foreign exchange movements and derivative valuations.
Also, the Authority’s Total Comprehensive Income (TCI), inclusive of share of profits from associates and JV entities reached ₦1.89 trillion in 2024, reflecting a 59% increase from N1.18 trillion in 2023.
This is even as the Core TCI (excluding foreign exchange and derivative valuation gains) rose by 148% to N407.9 billion in 2024 (2023: N164.7 billion), supported by robust returns on financial assets measured at fair value through profit and loss, including collateralized securities, private equity, hedge funds, and Exchange -Traded Funds (ETFs).
Commenting on the performance of the NSIA, the Managing Director & Chief Executive Officer, Mr. Aminu Umar-Sadiq, enthused: “The Authority’s outstanding financial performance in 2024 reflects the strength of our strategic vision, disciplined execution and unwavering commitment to sustainable socio-economic advancement. By leveraging innovation, strategic partnerships and sound risk management, we have not only delivered strong returns but also created value for our stakeholders.
“As we move forward, we remain focused on driving economic transformation, expanding opportunities, scaling transformative impact and ensuring long-term prosperity for current and future generations of Nigerians.”
On Corporate Governance, in the 2024 financial year, a new Board, led by Mr. Olusegun Ogunsanya, as Chairman, was appointed by the President in accordance with the provisions of the NSIA Act. The new Board will provide strategic direction and oversight in addition to playing a pivotal role in critical decision making.
The Chairman assured that under the guidance of the Board, the Authority would remain focused on its primary mandate of creating shared value for all stakeholders based on its continued adoption of corporate governance practices.
In addition, Ogunsanya maintained that NSIA remained committed to its mandate of prudent management and investment of Nigeria’s sovereign wealth, adding that in adherence to its Establishment Act, NSIA prioritises transparency, disclosure, and effective communication with all stakeholders and counterparties.
Looking forward, the NSIA board and management stressed that the Authority was fully committed to managing Nigeria’s sovereign wealth fund and delivering the mandates enshrined in the NSIA Act.
They further assured that the Authority was determined to continually create long-term value for its stakeholders by delivering excellent risk-adjusted financial results, developing a healthy and well-diversified portfolio of assets and large-scale infrastructure projects, and enhancing the desired social outcomes in Nigeria.
