The Nigeria Sovereign Investment Authority (NSIA) has posted a total comprehensive income closed at N1.18 trillion for 2023, a growth of 1,122 percent relative to the N96.96 billion it posted in 2022.
NSIA announced this in its released audited financial results for 2023 financial year. This shows 11 years of consecutive positive earnings with a cumulative annual growth rate of 117.3%.
The financials also show that NSIA’s core Total Comprehensive Income (excluding foreign exchange gains) rose from N21.39 billion in the previous year to N164.69 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.
Commenting, the Managing Director & Chief Executive Officer, Mr. Aminu Umar-Sadiq remarked: “Our excellent results in 2023 and consistent positive performance over a decade offer further proof of our robust strategic asset allocation, proficient execution of our infrastructure initiatives as well as effective risk management processes.”
“We remain firmly committed to catalysing positive socio-economic outcomes through critical infrastructure investments; strategic partnerships that expand our impact across pivotal sectors; and solutions that not only deliver our mandate but simultaneously uphold environmental stewardship. Looking ahead, we re-affirm our focus on creating shared prosperity for current and future generations of Nigerians” he stated.
NSIA’s market overview & performance summary showed that in 2023, substantial shifts in the Nigerian business environment impacted the disposable income of individuals and communities across the nation. The Nigerian government instituted new policy changes including the redesign of the Naira notes, the removal of fuel subsidies, and the floating of the currency. The country during the period struggled with high double-digit inflation rates soaring up to 30% and over a 100% devaluation of the currency to the USD. These factors shaped the economic landscape throughout the year.
Additionally, the global economy grappled with hurdles on its path to recovery, including escalating geopolitical tension, surging natural disasters, and the growing trend of deglobalisation and trade protectionism. The US Federal Reserve announced aggressive interest rate hikes to tame inflation, sending shockwaves through the global banking industry.
Despite these challenges, NSIA Group’s net earnings at the close of 2023 amounted to N1.18 trillion, (Inclusive N1.02 trillion foreign exchange gains) marking a remarkable increase of 1,122% compared to the N96.96 billion, (Incl. N75.6 billion foreign exchange gains) recorded in 2022. Several key highlights contributed to the Group’s (Authority and Subsidiaries) performance during the 2023 financial year.