The Nigeria Sovereign Investment Authority (NSIA) Thursday posted a total comprehensive income of N1.18 trillion for the 2023 financial year.
In its released audited financial report for 2023, made available to journalists on Friday, stated that the amount represents a 1,122 per cent growth compared to N96.96 billion it recorded in 2022.
The figures showed that in the 11 years of operations, the Authority continues to record positive earnings with a cumulative growth rate of 117.3 per cent.
According to the NSIA, despite the challenging global macroeconomic and geo-political landscape, the financial performance underscores the resilience of its NSIA’s investment strategy and the quality of its earnings.
Also, net assets grew 119 per cent to ₦2.22 trillion in Dec-23 (Dec-22: ₦1.02 trillion).
The report stated that the rise in the Authority’s total operating income during the period under review attributed it to the positive performance of the equities and fixed-income portfolios, as well as the positive performance of NSIA’s infrastructure investments.
“NSIA’s core Total Comprehensive Income (excluding foreign exchange gains) rose from ₦21.39 billion in the previous year to ₦164.69 billion, marking a 670% increase attributable to the Authority’s robust strategic asset allocation and adherence to best-in-class enterprise risk management processes,” it said.
Commenting on the financial statement, NSIA’s Managing Director & Chief Executive Officer, Mr. Aminu Umar-Sadiq said, “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. Looking ahead, we reaffirm our focus on creating shared prosperity for current and future generations of Nigerians.”
A look at the financial report showed that capital growth and preservation through focus on risk-adjusted returns – involving optimising asset allocation and utilisation, retaining a significant portion of the assets under management in foreign-denominated investments, diversifying the portfolio to mitigate risk, and maintaining a defensive investment strategy, core operating income; infrastructure revenue growth by optimising existing impactful investment platforms to enhance efficiency and performance; well-diversified asset allocation techniques, cost optimisation – entails achieving operational efficiency; and business process automation, budgetary and cost controls through technology enhancements and innovation, were key factors that boosted the Authority’s feat.
“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 infrastructure projects, and enhancing the desired social outcomes in Nigeria,” the report stated.
NSIA records N1.18trn income in 2023
