Abuja: The Nigeria Sovereign Investment Authority (NSIA) has announced a significant increase in its net returns for the financial year 2024, reaching N1.88 trillion, a substantial rise from the N1.18 trillion recorded in 2023.
According to News Agency of Nigeria, the Managing Director/CEO of NSIA, Aminu Umar-Sadiq, revealed these figures during the presentation of the 2024 Earnings at a media engagement held in Abuja. Umar-Sadiq highlighted the robust financial performance of the NSIA despite the challenging global economic conditions. He attributed this success to the NSIA’s dedicated team and the adoption of four tactical and change strategies in 2024.
Umar-Sadiq stated, “2024 was special because we found a way to enhance a set of 2023 results that were remarkable. We went from net returns of N1.18 trillion in 2023 to N1.885 trillion in 2024. We will continue to wonder how we will top that in 2025 but with the combination of teams.”
The NSIA’s strategic approach included efficient balance sheet optimization, focusing on sustainable earnings in infrastructure, pioneering infrastructure investment, and cost efficiency. In 2024, the authority also launched the Ministry of Health Oncology initiative, aimed at establishing world-class oncology centers in each zone on behalf of the Federal Government.
The NSIA recorded a 150 percent increase in returns on Core Total Comprehensive Income (TCI) growth in 2024. Umar-Sadiq noted, “We had N165 billion in terms of Core TCI in 2003 and we are at N407.9 billion in 2024. This increase of 150 percent on a core basis, when you strip out the impact of foreign exchange gains and derivative valuation gains, shows the strength of the institution not only on the operational or infrastructure side but more importantly on the financial performance side.”
Looking ahead to 2025, the NSIA plans to focus on driving certain platforms, augmenting its capital, and core income growth. Victor Sesere, Chief Financial Officer of NSIA, reported a 58 percent growth in operating income from N1.176 trillion in 2023 to N1.853 trillion in 2024, driven by strong performance across major income lines.
Sesere highlighted a 59 percent increase in Profit After Tax in 2024, rising from N1.185 trillion in 2023 to N1.886 trillion. Total assets grew by over 90 percent, primarily due to increased investment in securities and the revaluation of foreign currency-denominated assets.
Mr. Kolawole Owodunni, Executive Director and Chief Investment Officer, explained that the NSIA manages three core funds: the Stabilisation Fund, Future Generations Fund, and the Nigeria Infrastructure Fund (NIF). The NIF focuses on projects with nationwide strategic impact, attracting foreign and local capital, and generating commercial and social returns.
Owodunni pointed out key projects under the NIF, such as MEDSERVE, which aims to establish diagnostic centers, catheterisation labs, and oncology centers across the geopolitical zones and the FCT.
Ijeoma Taylaur, Chief Operating Officer, emphasized the NSIA’s commitment to driving value and enhancing performance while preserving capital through risk management and other strategies. She noted the authority’s efforts in value creation through subsidiaries, highlighting successful initiatives like the Green Guarantee Company, Development Bank of Nigeria, and Nigeria Infrastructure Debt Fund.
