The Nigeria Sovereign Investment Authority, which manages Nigeria’s national wealth fund, grew its net assets by 10% from 919.73 billion to 1 trillion in the 2022 fiscal year.
This was revealed in the company’s audited financial reports for the 2022 fiscal year, which were made public on Thursday.
Highlights of NSIA’s performance and operations during the period under review also revealed that, despite market volatility, the company recorded its 10th consecutive year of positive earnings.
The NSIA Group reported N96.96 billion in earnings for 2022, a 34% decrease from N146.98 billion in 2021. The organisation blamed the decline on the performance of its Future Generations and Stabilization portfolios, which are invested in instruments from both developed and emerging financial markets.
Nonetheless, its interest income, infrastructure business revenue, and management fees from fiduciary operations all saw a 34.5 percent (15.7 billion) year-over-year gain.
The performance was recorded despite the difficulties in the operational environment, according to the managing director and chief executive officer, Mr. Aminu Umar-Sadiq.
He said, “Against market expectations and internal forecast, NSIA closed the 2022 financial year with a respectable performance. This result underscores the robustness of our diversified portfolio, and the excellent commitment of the team.”
“As we look to the future, NSIA is resolute in its commitment to delivering increased investments in critical sectors of the economy, driving growth across its funds, and attracting third-party capital into Nigeria’s infrastructure sector. In 2023, we will be resourcing our various platforms targeted at emerging sectors – renewable energy, sustainability, innovation, and healthcare – which will ensure the Authority achieves its dual objectives of delivering financial returns and impactful social outcomes,” he added.
The 2022 fiscal year, according to Nigeria’s sovereign wealth manager, was characterised by unprecedented shocks, including the COVID-19 lockdown in China, the conflict in Russia and Ukraine, food and energy crises, supply-chain disruptions, skyrocketing inflation, and tightening monetary policy, which had an impact on the financial markets.
By completing critical projects, the NSIA claimed that in 2022 it had made a substantial advancement in the execution of its infrastructure policy. These initiatives span both the execution of specialised federal government activities and fundamental sectors of concentration.
The Presidential Fertilizer Initiative is one of the programmes in the agricultural industry. the start-up of the Pandagric Novum farm, a collaboration between NSIA and Signature Agri Investment for the production of maize and soybeans coupled to a chicken feed mill with a capacity of 147,000 metric tonnes per year.
In order to encourage Nigerian innovators and technopreneurs to use their creativity to create solutions that address real-world problems and have a global impact, NSIA says it established the NSIA Award for Innovation. The NPI programme is a business improvement programme that supports early-stage, growth-driven tech solutions through education, mentoring, and financing. It has achieved milestones in the petrol industrialization sector, the health care industry, the power sector, and the road sector.
