NSIA Announces Audited Financial Results

The Nigeria Sovereign Investment Authority manager of Nigeria’s sovereign wealth fund, on Thursday announces its audited results for the 2022 financial year.

The financial performance underscores the resilience of the NSIA’s investment strategy, and the quality of its earnings given the challenging macroeconomic environment.

Highlights of NSIA’s activities and performance during the period showed that it recorded its 10th year of continuous positive earnings in spite of volatility and headwinds across markets.

Total Assets grew 10.5 per cent to N1.02trn in 2022 up from the N919.73bn recorded in 2021.

Its non-volatile revenue such as interest income, revenue from infrastructure business, and management fees earned from fiduciary activities, increased by 34.5% (N15.7 billion) year-over-year.

Total Comprehensive Income of N96bn in 2022 representing a decline of 34 per cent relative to 147bn in 2021 due largely to strong macroeconomic headwinds. Nonetheless, the agency was able to outperform most global investment benchmark and indices to deliver a respectable performance.

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

He said, “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…”

Adding further, he remarked “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. In 2023, we will be resourcing our 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.”