NSIA retained earnings hits ₦3.74trn in 2024
Orisemeke Benjamin
The Nigeria Sovereign Investment Authority (NSIA) on Monday announced its audited financial results for the 2024 fiscal year.
These results underscore the resilience of NSIA’s 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.
According to the Authority, which is an investment institution of the Federation, its financial result showed that it has continued on the path of profitability for 12 consecutive years, resulting in cumulative retained earnings of ₦3.74 trillion at the end of 2024?
The report revealed total operating profits, excluding share of profits from associates and Joint Venture (JV) entities that grew from ₦1.17 trillion in 2023 to ₦1.86 trillion in 2024. This was driven by the strong performance of its 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).
“Net Assets nearly doubled, increasing by 96% to ₦4.35 trillion as of December 2024, compared to ₦2.22 trillion in December 2023,” it stated.
Commenting in the result, Managing Director and Chief Executive Officer of NSIA, Mr. 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 spite of its strong 2024 showing, the Authority insisted that it remains committed to its mandate of prudent management and investment of Nigeria’s sovereign wealth.
“The Authority remains focused on managing Nigeria’s sovereign wealth fund and delivering the mandates enshrined in the NSIA Act. 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,” it added.
