FX gains, infrastructure assets push NSIA’s operating profit to N1.86trn

The operating profit of the Nigeria Sovereign Investment Authority (NSIA) increased to N1.86 trillion, according to the organisation’s 2024 financial results.

Announcing its fiscal performance in a statement on Tuesday, the NSIA said the amount was a 59 percent increase from the N1.17 trillion booked in 2023.

Joyce Onyegbula, the authority’s head of corporate communications, said the results reflect the resilience of the company’s investment strategy and strong earnings, supported by a diversified revenue base and robust risk management despite global challenges.

“NSIA has remained profitable for 12 consecutive years, resulting in cumulative retained earnings of N3.74 trillion at the end of 2024,” Onyegbula said.

“Total operating profits, excluding share of profits from associates and joint venture entities, grew from N1.17 trillion in 2023 to N1.86 trillion in 2024, driven by the strong performance of NSIA’s diversified investment portfolio, infrastructure assets, gains from foreign exchange movements and derivative valuations.”

Onyegbula said the total comprehensive income — including of share of profits from associates and joint venture entities — reached N1.89 trillion in 2024, “reflecting a 59 per cent increase from N1.18 trillion in 2023”.

The NSIA said core total comprehensive income, excluding foreign exchange (FX) and derivative valuation gains, rose by 148 percent to N407.9 billion in 2024.

This, according to the authority, was an increase from N164.7 billion in 2023 — supported by “robust returns on financial assets measured at fair value through profit and loss, including collateralised securities, private equity, hedge funds and exchange-traded funds”.

“Net assets nearly doubled, increasing by 96 per cent to N4.35 trillion as of December 2024, compared to N2.22 trillion in December 2023,” the firm said.

Aminu Umar-Sadiq, the NSIA chief executive officer (CEO), described the financial results as “outstanding”, adding that they reflect the strength of the authority’s strategic vision, disciplined execution, and 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,” Umar-Sadiq said.

“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.”

In August 2024, the federal government inaugurated a new board for the NSIA, led by Olusegun Ogunsanya as chairman.

The appointment was made by President Bola Tinubu in line with the provisions of the NSIA Act.

Onyegbula had said the authority remains committed to its mandate of prudent management and investment of Nigeria’s sovereign wealth.

He added that in adherence to its establishment Act, NSIA prioritises transparency, disclosure, and effective communication with all stakeholders and counterparties.