The Nigeria Sovereign Investment Authority (NSIA) has released its audited financial results for the 2024 fiscal year, demonstrating significant growth in net assets despite global economic challenges. According to a statement signed by NSIA’s Head of Corporate Communications, Joyce Onyegbula, on Monday, the authority’s net assets nearly doubled, rising by 96% from N2.22tn in December 2023 to N4.35tn in December 2024.
“This increase underscores NSIA’s robust investment strategy, diversified revenue base, and strong risk management practices,” the statement noted.
NSIA maintained profitability for the 12th consecutive year, with cumulative retained earnings reaching N3.74tn at the end of 2024. The authority’s strong performance was attributed to its diversified investment portfolio, infrastructure assets, gains from foreign exchange movements, and derivative valuations.
- Total operating profits (excluding share of profits from associates and joint ventures) surged from N1.17tn in 2023 to N1.86tn in 2024, reflecting the strength of NSIA’s financial positioning.
- Total Comprehensive Income (TCI) (including profits from associates and joint ventures) grew by 59%, reaching N1.89tn in 2024, up from N1.18tn in 2023.
- Core TCI (excluding foreign exchange and derivative valuation gains) increased by 148% to N407.9bn in 2024, compared to N164.7bn in 2023.
The improved financial performance was driven by strong returns from financial assets measured at fair value, including collateralized securities, private equity, hedge funds, and exchange-traded funds.
NSIA’s Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, credited the institution’s success to its strategic vision, disciplined execution, and commitment to long-term economic growth.
“The Authority’s outstanding financial performance in 2024 reflects our focus on innovation, strategic partnerships, and sound risk management. By maintaining a disciplined approach, we have not only delivered strong returns but also created significant value for our stakeholders,” Umar-Sadiq stated.
“As we move forward, we remain committed to driving economic transformation, expanding opportunities, and ensuring long-term prosperity for Nigerians,” he added.
In 2024, President Bola Tinubu appointed a new Board chaired by Olusegun Ogunsanya, in line with the NSIA Act. The Board is expected to provide strategic oversight and play a key role in decision-making.
NSIA reiterated its commitment to prudent management and investment of Nigeria’s sovereign wealth, with a continued focus on transparency, stakeholder engagement, and sustainable growth.
Going forward, the authority aims to build a strong savings base for Nigerians, support infrastructure development, and provide economic stabilization during periods of financial uncertainty.
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