NSIA Reports Revenue Growth of N1.18 trillion for 2023

Femi Onasanya
2 Min Read

With 11 straight years of positive earnings and a cumulative yearly growth rate of 117.3 percent, the Nigeria Sovereign Investment Authority (NSIA) has released its audited results for the 2023 financial year.

 

In a statement, the Authority stated that despite geopolitical and global macroeconomic difficulties, the financial performance highlights the company’s durability in terms of both investment strategy and profits quality.

 

From ₦1.02 trillion in December 2022 to ₦2.22 trillion in December 2023, NSIA’s net assets increased by 119%.

 

According to the financial statement, including gains in foreign exchange throughout the period, NSIA’s total operational income climbed from ₦101.1 billion to ₦1.18 trillion.

 

According to Joyce Onyegbula, head of corporate relations at NSIA, “this notable increase was attributed to the positive performance of the infrastructure investments, as well as the positive performance of the equities and fixed-income portfolios.”

 

After closing at ₦1.18 trillion in 2023, total comprehensive income increased by 1,122 percent from ₦96.96 billion in 2022.

 

The Authority’s strategic asset allocation and adherence to best-in-class enterprise risk management practices resulted in a 670 percent growth in its core total comprehensive income (excluding foreign exchange gains) from ₦21.39 billion to ₦164.69 billion in the prior year.

 

“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,” stated Mr. Aminu Umar-Sadiq, managing director and chief executive officer of NSIA.

 

Our unwavering commitment is to use vital infrastructure investments, strategic collaborations that broaden our impact in crucial sectors, and solutions that fulfill our mandate while also upholding environmental stewardship to catalyze positive socio-economic outcomes.

 

We reiterate our commitment to fostering shared prosperity for both the present and upcoming generations of Nigerians.

 

 

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