Nigerian Sovereign Authority Assets Hit N1.02tn

The Nigeria Sovereign Investment Authority, grew its net assets by 10 percent from N919.73bn in 2021 to N1.02tn in the 2022 financial year, audit reports have shown.

This is contained in its audited results for the 2022 financial year.

The highlights of NSIA’s activities and performance during the period under review also showed that it recorded its 10th year of continuous positive earnings in spite of volatility across markets.

In its 2022 report, the earnings of the NSIA Group was N96.96bn, a 34 percent dip compared to N146.98bn recorded in 2021.

The organisation attributed the decrease to the performance of its Future Generations and Stabilisation portfolios that are invested in emerging and developed financial market instruments.

Meanwhile, its interest income, revenue from infrastructure business, and management fees earned from fiduciary activities increased by 34.5 percent (N15.7bn) year-over-year.

The Managing Director and Chief Executive Officer, Mr. Aminu Umar-Sadiq, said the performance was recorded despite the challenges in the operating environment.

“Against market expectations and internal forecast, NSIA closed the 2022 financial year with a respectable performance. This result underscores the robustness of our diversified portfolio, and the excellent commitment of the team,” he said.

“As we look to the future, NSIA is resolute in its commitment to delivering increased investments in critical sectors of the economy, driving growth across its funds, and attracting third-party capital into Nigeria’s infrastructure sector,” he added.

He said in 2023, the NSIA   “various platforms targeted at emerging sectors – renewable energy, sustainability, innovation, and healthcare – which will ensure the Authority achieves its dual objectives of delivering financial returns and impactful social outcomes.”

Punch/Hauwa Abu