The manager of Nigeria’s sovereign wealth fund, the Nigeria Sovereign Investment Authority (NSIA), grew its net assets by 10 percent, rising from N919.73 billion in 2021 to N1.02 trillion in the 2022 financial year. This increase was disclosed in the fund’s audited results for 2022, released on Thursday. The report highlighted that NSIA recorded its tenth consecutive year of positive earnings despite market volatility.
In the 2022 report, the NSIA Group’s earnings fell to N96.96 billion, a 34 percent decline from N146.98 billion in 2021. The organization attributed the decrease to the performance of its Future Generations and Stabilisation portfolios, which are invested in emerging and developed financial market instruments. Conversely, interest income, revenue from infrastructure business, and management fees from fiduciary activities rose by 34.5 percent, amounting to N15.7 billion year‑over‑year.
Managing Director and Chief Executive Officer Mr. Aminu Umar‑Sadiq said the performance was achieved despite challenges in the operating environment. “Against market expectations and internal forecasts, 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,” he stated. Looking ahead, he added, “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—to ensure the Authority achieves its dual objectives of delivering financial returns and impactful social outcomes.”
The sovereign wealth manager noted that 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 monetary policy tightening, all of which impacted financial markets. Despite these challenges, NSIA reached a significant milestone in implementing its infrastructure strategy by delivering key projects across core sectors and specialized federal government initiatives. Notable projects include those in agriculture, the Presidential Fertiliser Initiative, and the opening of the Pandagric Novum farm—a joint venture between NSIA and Signature Agri Investment for cultivating maize and soybeans, linked to a 147,000‑metric‑tonne‑per‑annum poultry feed mill.
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