The Nigeria Sovereign Investment Authority (NSIA) generated about ₦3.74 trillion as of the end of 2024 marking a sustained 12 years of profitability.
This is contained in its audited financial results for the 2024 financial year which was released in Abuja on Monday.
The organisation said the landmark profit underscores its resilience of 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.
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 explained that the total operating profits, excluding share of profits from associates and Joint Venture (JV) entities, grew from ₦1.17 trillion in 2023 to ₦1.86 trillion 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 ₦1.89 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.”
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 provided strategic direction and oversight in addition to playing a pivotal role in critical decision-making.
Indeed, under the guidance of the board, the NSIA said it will retain focus on its primary mandate of creating shared value for all stakeholders based on its continued adoption of corporate governance practices.
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.”
