NSIA Records Remarkable Income Growth In 2023

By: Elizabeth Christopher

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The Nigeria Sovereign Investment Authority (NSIA) posted a substantial increase in Core Total Comprehensive Income of N1.6 trillion in 2023 from N21.398 billion in 2022, reflecting a remarkable 670 percent growth.

Managing Director of the NSIA Aminu Sadiq while presenting the NSIA’s 2023 financial results in Abuja, said the Authority’s income sources includes interest from Eurobonds, Fixed Deposits (FDs), Commercial Papers (CPs), and bank balances, along with returns from Federal Government of Nigeria (FGN) bonds and bills, US Treasury securities, investment dividends, distribution income, net gains on securities valuation, and other Fair Value Through Profit or Loss (FVTPL) assets. Net foreign exchange gains further contributed to this robust income.

He explained that the diversified revenue stream has enabled the NSIA to effectively manage expenses while supporting its mission and operations efficiently.

Mr. Sadiq said “the fund’s initiatives further created economic stimulus including $7.5 billion in agriculture, Motorways $1.8 billion, Financial Market $695 million, Gas Industrialization $274 million, Healthcare $42 million, and power $22.5 million. He said over 236,000 farmers were supported through NSIA’s agro projects, adding that 68 per cent of beneficiary farmers are youths of which 50 per cent are females”.

Mr. Sadiq emphasized NSIA’s commitment to asset growth and value creation within the economy over the past decade. He stated, “Through capital preservation and a diversified portfolio of assets, coupled with an enterprise approach to risk management, NSIA has grown its net asset base to $2.47 billion as of December 2023.”

In a significant milestone, NSIA received its first royalty by price payment from the Nigeria Upstream Petroleum Regulatory Agency (NUPRC) in 2023, totaling $45.59 million as per the Petroleum Industry Act.

The NSIA’s commitment to supporting Nigeria’s infrastructure development was underscored by Mr. Sadiq, who announced over $500 million invested directly in domestic infrastructure projects during 2023. This targeted investment is poised to strengthen the nation’s infrastructure landscape significantly.

Mr. Sadiq disclosed that its operations and investments have generated positive social and economic impacts and contributed towards the attainment of key Sustainable Development Goals (SDGs) adding that 245,000 direct jobs had been created, including about 200,000 indirect Jobs across the sectors.

 

Olusola Akintonde

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