Kelvin Bowoto
The Nigeria Sovereign Investment Authority (NSIA) has announced its audited results for the fiscal year 2023, highlighting 11 consecutive years of positive profitability and a cumulative yearly growth rate of 117.3 percent.
According to the authority’s statement, its financial performance demonstrates its resilience in investment strategy and the quality of its earnings in the face of global macroeconomic and geopolitical problems.
NSIA’s net assets increased by 119% to ₦2.22 trillion by December 2023, from ₦1.02 trillion in December 2022.
According to the financial statement, NSIA’s overall operational income climbed from ₦101.1 billion to ₦1.18 trillion, including foreign exchange gains throughout the period.
“This significant rise was attributed to the positive performance of the equities and fixed-income portfolios, as well as the positive performance of NSIA’s infrastructure investments,” said Joyce Onyegbula, the head of corporate relations at NSIA.
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In 2023, total comprehensive income was ₦1.18 trillion, up 1,122 percent from ₦96.96 billion in 2022.
The Authority’s strategic asset allocation and best-in-class enterprise risk management practices resulted in a 670 percent growth in core total comprehensive revenue (excluding foreign exchange gains) from ₦21.39 billion the previous year to ₦164.69 billion.
Mr. Aminu Umar-Sadiq, NSIA’s managing director and chief executive officer, stated, “Our excellent results in 2023 and consistent positive performance over a decade provide further proof of our strong strategic asset allocation, proficient execution of our infrastructure initiatives, and effective risk management processes.
“We remain steadfast in our commitment to catalyzing beneficial socioeconomic results through vital infrastructure investments, innovative collaborations that broaden our effect across key sectors, and solutions that not only deliver on our mandate but also preserve environmental stewardship.
Looking ahead, we reaffirm our commitment to achieving shared prosperity for current and future generations of Nigerians.”
Techrectory with Agency Report.
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