Barbara Bako, Abuja.
The Nigeria Sovereign Investment Authority (NSIA) has directly invest over $500 million was in domestic infrastructure projects.
This targeted investment will play a crucial role in bolstering the nation’s infrastructure landscape.
The managing Director of the NSIA Aminu Umar Sadiq revealed this during the authority’s 2023 earnings Presentation on Thursday in Abuja.
The report details how the Authority has catalyzed over $1 billion in third-party investments by creating a more attractive investment environment.
The NSIA is effectively leveraging its resources to attract significant additional capital for critical projects.
Aminu Umar Sadiq assured of the NSIA’s dedication to fostering domestic private equity.
This targeted support strengthens the local financial ecosystem and empowers homegrown businesses to contribute to national development.
The NSIA acknowledged that its success is underpinned by a commitment to transparency.
The report highlights “a certain deliberateness around transparency” as a key factor in achieving its impressive results.
This focus on openness fosters trust with stakeholders and paves the way for continued growth.
The report acknowledges the complex global environment in 2023, including factors such as tightening global monetary policy, China’s economic slowdown, the 2023 United States Banking crisis, Nigeria’s political transition, and persistently high inflation.
The NSIA’s ability to navigate these challenges and deliver such positive results underscores the effectiveness of its investment strategies.
In his descrption of the authorities stength and achievement, the NSIA boss said stated that “NSIA has demonstrated resilience and growth in its asset performance over the last 10 years, as evidenced by its commitment to building its asset base while creating value within the economy.”
“The Authority, through capital preservation, a diversified portfolio of assets, and an enterprise approach to risk management, has grown the Net asset of the Authority to $2.47 billion as of the end of December 2023, representing an 8.5% compound annual growth over the years,” he said.
He stated that “NSIA received its first royalty payment from the Nigeria Upstream Petroleum Regulatory Agency (NUPRC) in 2023 (by virtue of the Petroleum Industry Act), in the sum of $45.59 million.”
NSIA’s net assets grew by 119 percent to ₦2.22 trillion in December 2023 from ₦1.02 trillion recorded at the end of December 2022.
It’s report also recorded 11 consecutive years of continuous positive earnings, with a cumulative annual growth rate of 117.3 percent.
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The NSIA highlighted that its total operating income increased from ₦101.1 billion in the previous year to ₦1.18 trillion, inclusive of foreign exchange gains during the period under review.
It attributed this significant rise to the positive performance of the equities and fixed-income portfolios, as well as the positive performance of NSIA’s infrastructure investments.
Total comprehensive income closed at ₦1.18 trillion for 2023, indicating a growth of 1,122 percent relative to ₦96.96 billion in 2022.
NSIA’s core total comprehensive income, excluding foreign exchange gains, rose from ₦21.39 billion in the previous year to ₦164.69 billion, marking a 670 percent increase attributable to the Authority’s robust strategic asset allocation and adherence to best-in-class enterprise risk management processes.
