NSIA Records 119% Growth As Net Assets Hit N2.22trn Mark

The assets of the Nigerian Sovereign Investment Authority (NSIA) at the end of the audited financial year of 2023, rose to N2.26trn.

This represents a 119 per cent increase from the N1.02trn which the Authority posted at the end of December 2022.

Also, the managers of the country’s Sovereign Wealth Fund (SWF) said its comprehensive income closed at N1.18trn.

This surged by 1,057 per cent compared to the N96.96bn recorded in 2022 amid the torrid economic environment that many businesses battled in 2023.

A breakdown of the financial year of the Authority showed that its profit was boosted by fair value gain on financial assets of N544.2bn, as well as net foreign exchange (FX) gain that rose by 1,114 per cent to N537.2bn in the period.

The NSIA 2023 assets were led by investment securities of N1.349trn and cash equivalents of N547bn.

Further growth contribution received by the NSIA was $96.41m (N130.82bn) from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in 2024 (after the reporting period) based on the implementation of the Petroleum Industry Act (PIA) of 2021.

Reacting to the growth, the NSIA’s Managing Director and Chief Executive Officer, Mr. Aminu Umar-Sadiq said; “Our excellent results in 2023 and consistent positive performance over a decade offer further proof of our robust strategic asset allocation, proficient execution of our infrastructure initiatives as well as effective risk management processes.”

He further said, “We remain firmly committed to catalyzing positive socio-economic outcomes through critical infrastructure investments; strategic partnerships that expand our impact across pivotal sectors; and solutions that not only deliver our mandate but simultaneously uphold environmental stewardship”