388
By Tracy Moses
The Nigeria Sovereign Investment Authority (NSIA) has grown its net assets by 96% to ₦4.35trn as of December 2024, up from ₦2.22trn in December 2023.
This was revealed in the Authority’s audited financial results for the 2024 fiscal year, released on Monday in Abuja.
According to a statement signed by the agency’s Head of Corporate Communications, Joyce Onyegbula, NSIA maintained profitability for the 12th consecutive year, achieving cumulative retained earnings of ₦3.74ten by the end of 2024.
The results showed that total operating profits rose by 59%, from ₦1.17trn in 2023 to ₦1.86trn in 2024, driven largely by diversified investments, infrastructure assets, and gains from foreign exchange movements.
Additionally, Total Comprehensive Income (TCI) increased by 59% to ₦1.89trn in 2024, up from ₦1.18trn in 2023.
Notably, Core TCI (excluding foreign exchange and derivative valuation gains) surged by 148% to ₦407.9bn, underscoring the Authority’s strategic investment approach and commitment to long-term economic transformation in Nigeria.
NSIA’s Managing Director and CEO, Mr. Aminu Umar-Sadiq, attributed the exceptional performance to disciplined execution of strategy, innovation, and sound risk management. He emphasized the Authority’s focus on delivering socio-economic value and fostering long-term prosperity for Nigerians.
In 2024, a new board, chaired by Mr. Olusegun Ogunsanya, was appointed to provide strategic oversight and ensure adherence to corporate governance practices.
The statement reaffirmed NSIA’s commitment to its mandate of managing Nigeria’s sovereign wealth fund with a focus on creating sustainable value through diversified investments and large-scale infrastructure projects. The Authority aims to enhance social outcomes while delivering strong financial returns for current and future generations.
The NSIA manages Nigeria’s sovereign wealth funds through three mandate funds: the Stabilisation Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund.
It is dedicated to driving sustained economic development by building a savings base, improving infrastructure, and providing economic stabilization during crises.