As of the end of 2024, the Nigeria Sovereign Investment Authority (NSIA) has produced around ₦3.74 trillion, indicating a consistent 12-year period of profitability.
Its audited financial reports for the 2024 fiscal year, which were made public in Abuja on Monday, include this information.
Despite a difficult global macroeconomic and geopolitical climate, the company said that the historic profit demonstrated the strength of its profits and the durability of its investment strategy, which were supported by a well-diversified revenue base and strong risk management procedures.
It added: “NSIA has remained profitable for 12 consecutive years, resulting in cumulative retained earnings of ₦3.74 trillion at the end of 2024.”
It clarified that the robust performance of NSIA’s diverse investment portfolio, infrastructure assets, gains from foreign exchange movements, and derivative valuations drove the growth of the overall operating profits, excluding the share of profits from associates and Joint Venture (JV) entities, from ₦1.17 trillion in 2023 to ₦1.86 trillion in 2024.
“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 ₦1.18 trillion in 2023.
Core TCI (excluding foreign exchange and derivative valuation gains) rose by 148% to ₦407.9 billion in 2024 (2023: ₦164.7 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),” it added.
NSIA further hinted that net assets nearly doubled, increasing by 96 per cent to ₦4.35 trillion as of December 2024, compared to ₦2.22 trillion in December 2023.
In his remarks on the achievement, the Managing Director and Chief Executive Officer of NSIA, Aminu Umar-Sadiq said:
“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.”
According to the terms of the NSIA Act, the President selected a new Board in the 2024 fiscal year, with Mr. Olusegun Ogunsanya serving as Chairman.
In addition to being crucial in important decision-making, the new board offered strategic direction and monitoring.
In fact, the NSIA stated that it will continue to embrace corporate governance standards in order to fulfil its core goal of producing shared value for all stakeholders, under the direction of the board.
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It said: “NSIA remains committed to its mandate of prudent management and investment of Nigeria’s sovereign wealth. In adherence to its Establishment Act, NSIA prioritises transparency, disclosure, and effective communication with all stakeholders and counterparties.”
Looking forward, the NSIA stated that it remains focused on managing Nigeria’s sovereign wealth fund and delivering the mandates enshrined in the NSIA Act, adding, “The NSIA is poised 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.”
