NSIA’s assets hit N1trn, attracts $500m FDI in 10 years

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The Nigeria Sovereign Investment Authority (NSIA) says it has grown its net assets by 10.5 per cent to N1.02 trillion in 2022 up from N919.73 billion in 2021.

According to the Sovereign Wealth Fund manager earnings from interest income, infrastructure business revenue, and fiduciary activities’ management fees increased by 34.5 per cent amounting to N15.7 billion year-on-year growth.

NSIA is an investment institution of the federation set up to manage funds in excess of budgeted hydrocarbon revenues and as part of its mandate operates the Stabilization Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund.

Presenting the 2022 Audited Financial Statements to bureau chiefs and financial correspondents in Abuja on Thursday, the first under the new management of the Authority, the Managing Director and Chief Executive Officer, NSIA, Aminu Umar-Sadiq, stated that the organisation had attracted $500 million foreign direct investments into the country and also invested $500 million in domestic infrastructure.

Among other things, the NSIA developed or co-developed over 10 institutions and platforms to improve the financial market ecosystem.

Umar-Sadiq affirmed that it also invested in over 80 per cent of locally owned and run private equity funds.

He explained that the NSIA’s total comprehensive income closed at N96.96 billion for 2022, a decline of 34.0 per cent relative to N147. 98 billion in 2021.

The NSIA boss declared that the sovereign wealth manager recorded the 10th straight year of continuous positive earnings despite volatility and headwinds across global markets.

According to him, the 2022 financial statements indicate a continuity of the performance trajectory from the pioneer team to the current one, assuring the nation of continued high-quality and steady leadership for the Authority.