Despite the global economic headwinds, Nigeria Sovereign Investment Authority’s (NSIA) total profit (excluding share of profits from associates and Joint Venture entities) grew from N1.17 trillion in 2023 to N1.86 trillion in 2024 , showing a consecutive 12 year profit since its operations.
It posted cumulative retained earnings of N3.74 trillion at the end of 2024, according to the 2024 financial statement released on Monday. The performance was driven by the strong performance laced with 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 N1.89 trillion in 2024, reflecting a 59 per cent increase from N1.18 trillion in 2023. Core TCI (excluding foreign exchange and derivative valuation gains) rose by 148 per cent to N407.9 billion in 2024 (2023: N164.7 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). Net Assets nearly doubled, increasing by 96 per cent to N4.35 trillion as of December 2024, compared to N2.22 trillion in December 2023.
The Managing Director & Chief Executive Officer, Mr. Aminu UmarSadiq, affirmed that “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 will provide strategic direction and oversight in addition to playing a pivotal role in critical decision making.
“Under the guidance of the Board, the Authority will retain focus on its primary mandate of creating shared value for all stakeholders based on its continued adoption of corporate governance practices”, Said NSIA MD.
