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 the preceding year.

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

This was revealed in the released 2023 financial results of the Authority, Thursday in Abuja, posting the 11 consecutive years of continuous positive earnings with a cumulative annual growth rate of 117.3%.

A look at the statement shows 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.

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.

“Looking ahead, we re-affirm our focus on creating shared prosperity for current and future generations of Nigerians.”