….Ranks Joint Top In Global SWF

The Net asset of Nigeria Sovereign Investment Authority (NSIA) has grown by 119 per cent in 2023 to climax at N2.22 trillion, up from N1.02 trillion in 2022 the preceding year.

Managing Director of the NSIA Aminu Umar-Sadiq stated this when he unveiled the 2023 financial results Thursday in Abuja during a media engagement.

The financial performance underscores the resilience of the NSIA’s investment strategy and the quality of its earnings, in the midst of challenging global macro-economic, and geo-political landscape.

According to Umar-Sadiq revealed that the NSIA’s Total Operating Income increased from ₦101.1 billion in the previous year to ₦1.18 trillion, inclusive of foreign exchange gains during the period. “This significant rise was attributed to the positive performance of the equities and fixed-income portfolios, as well as the positive performance of NSIA’s infrastructure investments.

“NSIA’s core Total Comprehensive Income (excluding foreign exchange gains) rose from ₦21.39 billion in the previous year to ₦164.69 billion, marking a 670% increase attributable to the Authority’s robust strategic asset allocation and adherence to best-in-class enterprise risk management processes”, he said.

The Managing Director & Chief Executive Officer, Mr. Aminu Umar-Sadiq stated: “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.

“We remain firmly committed to catalysing positive socio-economic outcomes through critical infrastructure investments; strategic partnerships that expand our impact across pivotal sectors; and solutions that not only deliver our mandate but simultaneously uphold environmental stewardship.

Mr. Umar-Sadiq affirmed NSIA’s commitment to solidifying its position as a responsible and impactful investor, driving economic development and creating a brighter future for Nigeria through these strategic initiatives.

Similarly, the Sovereign Wealth Fund Global (SWF) Rankings in Governance and Transparency has shown that the NSIA making outstanding performance in the last two financial years.
“In 2022, NSIA remained in the top quartile of the Linaburg-Maduell Transparency Index scoring 9 out of 10 amongst over
forty Sovereign Wealth Funds (“SWFs”) that were evaluated.

“In the 2023 Global SWF Governance, Sustainability, and Resilience Ranking, NSIA scored a perfect 100%, ranking joint
first with esteemed SWFs like Temasek and New Zealand Super Fund. This GSR Scoreboard analysis reflects our substantial progress
from a previous score of 84%, showcasing NSIA’s enhanced sustainability practices including improved ESG policies, a
robust framework, climate investment leadership, and impactful reporting.

“Looking ahead to 2024, NSIA outlined strategic priorities focused on fiscal responsibility, attracting foreign capital, integrating Environment Sustainability and Governance (ESG) principles, maintaining strong financial performance, enhancing project execution capabilities, operationalizing subsidiaries effectively, optimizing operational efficiency, driving innovation and strategic growth, and fostering strong relationships with regulators and partners”, the MD said.