NSIA extends growth streak to 11 years as revenue hits N1.8trn

Cynthia Ezekwe

The Nigeria Sovereign Investment Authority (NSIA) has recorded a significant jump in revenue for the 2023 financial year, reaching a total of N1.8 trillion and 11 consecutive years of positive earnings, with an annual growth rate of 117.3 per cent.

The establishment which manages the Nigeria sovereign wealth fund, attributed its positive performance to its resilient investment strategy and high-quality earnings, despite challenging macroeconomic and geopolitical conditions.

NSIA’s financial statement showed that its net assets increased by 119 per cent to N2.22 trillion as of December 2023, up from N1.02 trillion in December 2022. On a similar trajectory, its total operating income increased from N101.1 billion in the previous year to N1.18 trillion, which included foreign exchange gains during the period.

According to the financials, total comprehensive income closed at N1.18 trillion for 2023, a growth of 1,122 per cent relative to N96.96 billion in 2022.

The NSIA’s core total comprehensive income, which excludes foreign exchange gains, increased significantly from N21.39 billion in the previous year to N164.69 billion, a rise of 670 percent. The Authority attributed this growth to its strategic asset allocation and its rigorous enterprise risk management processes, which are designed to mitigate potential risks while also maximizing returns.

Joyce Onyegbula, the NSIA’s Head of Corporate Communications, commented on the Authority’s financial results, attributing the significant rise to the strong performance of its equities and fixed-income portfolios, as well as the positive performance of its infrastructure investments.

Aminu Umar-Sadiq, the managing director & chief executive officer of NSIA,  remarked: “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.’’

Umar-Sadiq reaffirmed the company’s commitment to catalysing positive socioeconomic outcomes through critical infrastructure investments, strategic partnerships, and the creation of shared prosperity for both current and future generations of Nigerians.