NSIA posts over ₦1.18trn revenue growth for 2023

The Nigeria Sovereign Investment Authority (NSIA) has announced its audited results for 2023 financial year, posting a recorded 11 consecutive years of positive earnings with a cumulative annual growth rate of 117.3 percent.

The Authority said in a statement that the financial performance underscores its resilience in investment strategy and the quality of its earnings, despite global macro-economic, and geo-political challenges.

NSIA’s net assets grew 119 per cent to ₦2.22 trillion as of December 2023 from ₦1.02 trillion in December 2022.

The financial statement showed that NSIA’s total operating income increased from ₦101.1 billion in the previous year to ₦1.18 trillion, inclusive of foreign exchange gains during the period.

Read Also: INVESTIGATION: Inside the ‘doctored’ medical certificates in Kwara hospitals

“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,” its head of corporate communications, Joyce Onyegbula said.

Total comprehensive income closed at ₦1.18 trillion for 2023, a growth of 1,122 per cent relative to ₦96.96 billion in 2022.

Its core total comprehensive income (excluding foreign exchange gains) rose from ₦21.39 billion in the previous year to ₦164.69 billion, marking a 670 percent increase attributable to the Authority’s strategic asset allocation and adherence to best-in-class enterprise risk management processes.

Read Also: Investigation: How govt neglect Kano Community amidst spread of hepatitis

The managing director & chief executive officer of NSIA, Mr. Aminu Umar-Sadiq remarked, “Our excellent results in 2023 and consistent positive performance over a decade offer further proof of our robust strategic asset allocation, proficient execution of our infrastructure initiatives as well as effective risk management processes.

“We remain firmly committed to catalysing positive socio-economic outcomes through critical infrastructure investments; strategic partnerships that expand our impact across pivotal sectors; and solutions that not only deliver our mandate but simultaneously uphold environmental stewardship.

Read Also: How social media is exacerbating Nigeria’s poor reading culture

Looking ahead, we reaffirm our focus on creating shared prosperity for current and future generations of Nigerians.”