BREAKING: NSIA Sustains 12 Consecutive Years Of Profitability, Grows Assets To N4.35tn
The Nigeria Sovereign Investment Authority on Monday announced its audited financial results for the 2024 fiscal year.
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.
The Audited Financial Statements released by the Authority showed that the
NSIA has remained profitable for 12 consecutive years, resulting in cumulative retained earnings of ₦3.74tn as of the end of 2024.
Total operating profits, excluding share of profits from associates and Joint Venture (JV) entities, grew from ₦1.17tn in 2023 to ₦1.86tn in 2024, driven by the strong performance of NSIA’s diversified investment portfolio, infrastructure assets, gains from foreign exchange movements and derivative valuations.
Total Comprehensive Income (TCI), inclusive of share of profits from associates and JV entities reached ₦1.89tn in 2024, reflecting a 59 per cent increase from ₦1.18tn in 2023.
Core TCI (excluding foreign exchange and derivative valuation gains) rose by 148 per cent to ₦407.9bn in 2024 from the 2023 figure of ₦164.7bn, 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).
Net Assets nearly doubled, increasing by 96 per cent to ₦4.35tn as of December 2024, compared to ₦2.22tn in December 2023.
The Managing Director & Chief Executive Officer, Mr. Aminu Umar-Sadiq said the Authority’s outstanding financial performance in 2024 reflects the strength of its strategic vision, disciplined execution and unwavering commitment to sustainable socio-economic advancement.
He said, “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.”
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.
Under the guidance of the Board, the Authority will retain focus on its primary mandate of creating shared value for all stakeholders based on its continued adoption of corporate governance practices.
NSIA said it remains committed to its mandate of prudent management and investment of Nigeria’s sovereign wealth.
In adherence to its Establishment Act, NSIA said it prioritises transparency, disclosure, and effective communication with all stakeholders and counterparties.
The Authority said it remains focused on managing Nigeria’s sovereign wealth fund and delivering the mandates enshrined in the NSIA Act.
The Nigeria Sovereign Investment Authority is an investment institution of the Federation set up to manage funds in excess of budgeted hydrocarbon revenues.
Its mission is to play a leading role in driving sustained economic development for the benefit of all Nigerians through building a savings base for the Nigerian people, enhancing the development of Nigeria’s infrastructure, and providing stabilisation support in times of economic stress.
NSIA operates three mandate funds: The Stabilisation Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund.
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