The Nigeria Sovereign Investment Authority (NSIA), manager of the country’s sovereign wealth fund, increased its net assets by 10 percent, rising from ₦919.73 billion in 2021 to ₦1.02 trillion in the 2022 financial year. This growth was disclosed in the audited results released on Thursday. The report highlighted that NSIA achieved its 10th consecutive year of positive earnings despite market volatility. However, total earnings for the NSIA Group fell to ₦96.96 billion in 2022, a 34 percent decline from ₦146.98 billion the previous year. The drop was attributed to weaker performance in the Future Generations and Stabilisation portfolios, which are invested in emerging and developed market instruments.
Conversely, the Authority’s interest income, revenue from its infrastructure business, and management fees from fiduciary activities rose by 34.5 percent, adding ₦15.7 billion year‑over‑year. Managing Director and Chief Executive Officer Aminu Umar‑Sadiq said the results were achieved despite a challenging operating environment. “Against market expectations and internal forecasts, NSIA closed the 2022 financial year with a respectable performance,” he noted, adding that the outcome underscores the robustness of the diversified portfolio and the team’s commitment.
Looking ahead, Umar‑Sadiq affirmed NSIA’s resolve to increase investments in critical sectors, drive fund growth, and attract third‑party capital to Nigeria’s infrastructure. In 2023, the Authority will focus on emerging sectors such as renewable energy, sustainability, innovation, and healthcare, aiming to deliver both financial returns and impactful social outcomes.
The 2022 fiscal year was marked by unprecedented shocks, including the COVID‑19 lockdown in China, the Russia‑Ukraine conflict, food and energy crises, supply‑chain disruptions, soaring inflation, and tightening monetary policy, all of which affected financial markets. Despite these challenges, NSIA reached a significant milestone in its infrastructure strategy by delivering key projects across core sectors and federal government initiatives.
Among the achievements were projects in agriculture, notably the Presidential Fertiliser Initiative and the opening of the Pandagric Novum farm—a joint venture with Signature Agri Investment for maize and soybean cultivation linked to a 147,000‑metric‑tonne‑per‑year poultry feed mill. In the technology sector, NSIA launched the NSIA Prize for Innovation to stimulate Nigerian innovators and technopreneurs to develop globally applicable solutions to real‑world challenges. The NPI program supports early‑stage, growth‑driven tech solutions through education, mentorship, and financing, and recorded milestones in gas industrialisation, healthcare, power, and road infrastructure.
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