…Ranks 2nd In 2024 Global SWF Rating
The Nigeria Sovereign Investment Authority (NSIA) has reported remarkable growth in its net assets from N156 billion in 2013 to N4.35 trillion at the end of the financial year 2024.
The Managing Director/Chief Executive Officer of the authority, Mr Aminu Umar- Sadiq, made this disclosure on Wednesday in Abuja during an interactive session with journalists on the operations of the NSIA over the years and its positive contributions to the nation’s socioeconomic development.
The investment expert explained that the authority’s 2024 financial results and other performance indices underscored the resilience of the authority’s investment strategy and the strength of its earnings, driven by a well-diversified revenue base and robust risk management efficiency despite the inclement global macroeconomic landscape.
He disclosed that in the 2024 financial year, the NSIA’s total operating profits, excluding share of profits from associates and Joint Venture (JV) entities, increased to N1.86 trillion from N1.17 trillion in 2023, driven by the strong performance of NSIA’s diversified investment portfolio, infrastructure assets, gains from foreign exchange movements, and derivative valuations.
Similarly, the NSIA boss said that the authority’s Total Comprehensive Income (TCI), inclusive of share of profits from associates and JV entities, rose to N1.89 trillion in 2024, reflecting 59% growth from N1.18 trillion in 2023.
A further analysis of the financial scorecard of the agency reflected that its Core TCI (excluding foreign exchange and derivative valuation gains) rose by 148% to N407.9 billion in 2024 compared to N164.7 billion in 2023, supported by robust returns on financial assets measured at fair value through profit and loss, including collateralised securities, private equity, hedge funds, and Exchange-Traded Funds (ETFs).
Umar-Sadiq maintained that the authority’s outstanding financial performance in 2024 reflected the strength of the management’s strategic vision, disciplined execution and unwavering commitment to sustainable socio-economic advancement.”
He enthused: “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”, the investment expert added.
While reaffirming the NSIA management’s commitment to ensuring the efficient management of the nation’s SWF, Umar-Sadiq assured Nigerian and the global investors of the determination of the NSIA 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.
This is even as he promised that in adherence to its Establishment Act, NSIA’s management shall continue to prioritize transparency, disclosure, and effective communication with all stakeholders and counterparties in all areas of the agency’s operations.
