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ABUJA, Nigeria - THE Nigeria Sovereign Investment Authority (NSIA) reported generating approximately ₦3.74 trillion by the conclusion of 2024, marking a consistent 12 years of profitability.
This information is included in its audited financial results for the fiscal year 2024, which were disclosed in Abuja on Monday.
The organization stated that this landmark profit illustrates the resilience of its investment strategy and the strength of its earnings, which are bolstered by a well-diversified revenue source and robust risk management efforts, despite facing a challenging global macroeconomic and geopolitical landscape.
It added: "NSIA has maintained profitability for 12 consecutive years, culminating in total retained earnings of ₦3.74 trillion as of the end of 2024."
It detailed that total operating profits, not accounting for share of profits from associates and Joint Venture entities, increased from ₦1.17 trillion in 2023 to ₦1.86 trillion in 2024, thanks to the strong performance of NSIA's diversified investment portfolio, infrastructure assets, foreign exchange movement gains, and derivative valuations.
"Total Comprehensive Income (TCI), including shares of profits from associates and JV entities, reached ₦1.89 trillion in 2024, representing a 59% increase from ₦1.18 trillion in 2023.
Core TCI (excluding foreign exchange and derivative valuation gains) soared by 148% to ₦407.9 billion in 2024 (2023: ₦164.7 billion), supported by considerable returns on financial assets assessed at fair value through profit and loss, which includes collateralized securities, private equity, hedge funds, and Exchange-Traded Funds (ETFs)," it elaborated.
NSIA also noted that net assets nearly doubled, increasing by 96 percent to ₦4.35 trillion as of December 2024, up from ₦2.22 trillion in December 2023.
In his comments regarding this achievement, the Managing Director and Chief Executive Officer of NSIA, Aminu Umar-Sadiq, stated: "The Authority’s exceptional financial performance in 2024 showcases the strength of our strategic vision, disciplined execution, and unwavering commitment to sustainable socio-economic progress. By utilizing innovation, strategic partnerships, and sound risk management, we have not only secured strong returns but also created value for our stakeholders."
"As we advance, we remain concentrated on driving economic transformation, expanding opportunities, creating transformative impact, and ensuring long-term prosperity for current and future generations of Nigerians."
In the 2024 fiscal year, a new Board, led by Mr. Olusegun Ogunsanya as Chairman, was appointed by the President in accordance with the NSIA Act. This new board provided strategic direction and oversight while playing a crucial role in significant decision-making.
Indeed, under the board's guidance, the NSIA asserted that it will maintain its focus on its primary mandate of creating shared value for all stakeholders through its continued adoption of corporate governance principles.
It stated: "NSIA remains devoted to its mandate of prudent management and investment of Nigeria’s sovereign wealth. In compliance with its Establishment Act, NSIA prioritizes transparency, disclosure, and effective communication with all stakeholders and counterparties."
Looking ahead, NSIA affirmed that it remains dedicated to managing Nigeria’s sovereign wealth fund and fulfilling the objectives outlined in the NSIA Act, adding, "The NSIA is prepared to consistently generate long-term value for its stakeholders through excellent risk-adjusted financial results, developing a healthy and diverse portfolio of assets, large-scale infrastructure initiatives, and improving the desired social outcomes in Nigeria."
