NSIA net assets nearly double to N4.35trn in 2024
BY TUNDE OPALANA
The Nigeria Sovereign Investment Authority (NSIA) has grown its net asset to N4.35 trillion in December 2024.
The figure almost doubled the 2023 net assets base of N2.2 trillion.
Declaring the audited financial results of the Authority’s 2024 fiscal year, NSIA’s Head of Corporate Communications, Joyce Onyegbula, in a statement on Monday said the Authority was able to achieve this feat despite global economic challenges.
This leap in assets accumulation was attributed to the Authority’s successful investment strategy, driven by a diversified revenue base and robust risk management practices.
The NSIA maintained profitability for the 12th consecutive year, resulting in cumulative retained earnings of N3.74tn at the end of 2024.
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The statement read, “Net Assets nearly doubled, increasing by 96 per cent to N4.35tn as of December 2024, compared to N2.22tn in December 2023.”
“The authority’s performance in 2024 was bolstered by its well-diversified investment portfolio, infrastructure assets, gains from foreign exchange movements, and derivative valuations.
“Total operating profits, excluding the share of profits from associates and joint venture entities, rose from N1.17tn in 2023 to N1.86tn in 2024.
The statement further revealed that the “Total Comprehensive Income, including share of profits from associates and joint venture entities, reached N1.89tn in 2024, representing a 59 per cent increase from N1.18tn in 2023.
“Core TCI, excluding foreign exchange and derivative valuation gains, surged by 148 per cent to N407.9bn in 2024 from N164.7bn in the previous year.
“The improved financial performance was underpinned by strong returns on financial assets measured at fair value through profit and loss, including collateralised securities, private equity, hedge funds, and exchange-traded funds.
The Managing Director and Chief Executive Officer of NSIA, Aminu Umar-Sadiq, attributed the success to strategic vision, disciplined execution, and a commitment to sustainable socio-economic advancement.
“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,” Umar-Sadiq said.
