The Nigeria Sovereign Investment Authority has announced its audited financial results for the 2024 financial year, revealing a growth in net assets despite global economic challenges.
In a statement signed by NSIA’s Head of Corporate Communications, Joyce Onyegbula, on Monday, the authority reported that its net assets nearly doubled, increasing by 96 per cent to N4.35tn as of December 2024, compared to N2.22tn in December 2023.
The statement read, “Net Assets nearly doubled, increasing by 96 per cent to N4.35tn as of December 2024, compared to N2.22tn in December 2023.”
This rise highlights the authority’s successful investment strategy, driven by a diversified revenue base and robust risk management practices.
According to the statement, NSIA maintained profitability for the 12th consecutive year, resulting in cumulative retained earnings of N3.74tn at the end of 2024.
The authority’s performance in 2024 was bolstered by its well-diversified investment portfolio, infrastructure assets, gains from foreign exchange movements, and derivative valuations.
Total operating profits, excluding the share of profits from associates and joint venture entities, rose from N1.17tn in 2023 to N1.86tn in 2024.
This increase was attributed to the strong performance of NSIA’s investment portfolio and strategic financial positioning.
The statement further revealed that the Total Comprehensive Income, including share of profits from associates and joint venture entities, reached N1.89tn in 2024, representing a 59 per cent increase from N1.18tn in 2023.
Core TCI, excluding foreign exchange and derivative valuation gains, surged by 148 per cent to N407.9bn in 2024 from N164.7bn in the previous year.
The improved financial performance was underpinned by strong returns on financial assets measured at fair value through profit and loss, including collateralised securities, private equity, hedge funds, and exchange-traded funds.
Commenting on the results, the Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, attributed the success to strategic vision, disciplined execution, and a commitment to sustainable socio-economic advancement.
“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,” he said.
“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,” Umar-Sadiq added.
The statement also noted that a new Board, chaired by Olusegun Ogunsanya, was appointed in 2024 by the President in line with the NSIA Act.
The Board is expected to provide strategic direction and oversight while playing a key role in decision-making processes.
NSIA reiterated its commitment to prudent management and investment of Nigeria’s sovereign wealth, emphasising transparency and effective communication with stakeholders.
The authority remains focused on delivering long-term value through a well-diversified portfolio and large-scale infrastructure projects.
The NSIA aims to continue building a savings base for Nigerians, promoting infrastructure development, and providing stabilisation support during economic challenges.
