NSIA RECORDS 670% GROWTH IN 2023; LOOKS TO A BETTER 2024

The Nigeria Sovereign Investment Authority (NSIA) say it earned N1.6 trillion in 2023, a 670% improvement over the N21.398 billion it recorded in 2022.

Managing Director of the NSIA, Aminu Sadiq, made the disclosure this on Thursday in Abuja at the public presentation of the 2023 financial earnings of the Authority.

The income was from diverse sources that include Eurobonds, Fixed Deposits (FDs), Commercial Papers (CPs), and bank balances among others.

Aminu Sadiq also disclosed that the NSIA invested in the local economy that targeted   domestic infrastructure and economic viability through which more than 400,000 jobs were created. Infrastructure alone got investments around N571.5 billion. “By creating a more attractive investment environment, the NSIA is effectively leveraging its resources to attract significant additional capital for critical projects.” The Authority’s net assets closed 2023 at N2.2 trillion.

NSIA in the last 10 years has continued to show resilience and growth in its asset performance as a demonstration of its commitment to build its asset base while creating value within the economy. The Authority through capital preservation, diversified portfolio of assets and an enterprise approach to risk management has grown the Net asset of the Authority to $2.47billion as at end of Dec-23, representing an 8.5% compound annual growth over the years. NSIA received its first royalty by price payment from Nigeria Upstream Petroleum Regulatory Agency (NUPRC), in 2023 (by virtue of the Petroleum Industry Act) in the sum of $45.59 million.

NSIA’s focused strategic roles for 2024 and beyond seeks to maintain strong corporate governance and operate in an accountable, transparent, responsive, and inclusive way through Enhance Fiscal Responsibility, Attracting Foreign Investment, ESG Partner of Choice, Long-term Saving Mechanism and Effective Project Execution.