Nigeria Sovereign Investment Authority (NSIA) generated about N3.74 trillion as of the end of 2024, marking a sustained 12 years of profitability. This is contained in its audited financial results for the 2024 financial year released in Abuja yesterday.
The organisation said the landmark profit underscored its resilience of investment strategy and the strength of its earnings, driven by a well-diversified revenue base and robust risk management practices despite a challenging global macroeconomic and geopolitical environment.
It noted: “NSIA has remained profitable for 12 consecutive years, resulting in cumulative retained earnings of N3.74 trillion at the end of 2024.” It explained that the total operating profits, excluding share of profits from associates and Joint Venture (JV) entities, grew from N1.17 trillion in 2023 to N1.86 trillion in 2024, driven by the strong performance of NSIA’s diversified investment portfolio, infrastructure assets, gains from foreign exchange movements and derivative valuations.
“Total Comprehensive Income (TCI), inclusive of share of profits from associates and JV entities reached N1.89 trillion in 2024, reflecting a 59 per cent increase from N1.18 trillion in 2023. Core TCI (excluding foreign exchange and derivative valuation gains) rose by 148 per cent to N407.9 billion in 2024 (2023: N164.7 billion), supported by robust returns on financial assets measured at fair value through profit and loss, including collateralised securities, private equity, hedge funds, and Exchange -Traded Funds (ETFs),” it added.
NSIA further hinted that net assets nearly doubled, increasing by 96 per cent to N4.35 trillion as of December 2024, compared to N2.22 trillion in December 2023.
In his remarks on the achievement, the Managing Director and Chief Executive Officer of NSIA, Aminu Umar-Sadiq, said: “The authority’s outstanding financial performance in 2024 reflects the strength of our strategic vision, disciplined execution and unwavering commitment to sustainable socio-economic advancement. By leveraging innovation, strategic partnerships and sound risk management, we have not only delivered strong returns, but also created value for our stakeholders.
“As we move forward, we remain focused on driving economic transformation, expanding opportunities, scaling transformative impact and ensuring long-term prosperity for current and future generations of Nigerians.” Looking forward, the NSIA stated that it remained focused on managing Nigeria’s sovereign wealth fund and delivering the mandates enshrined in the NSIA Act,
