Abdulwahab Isa 
Despite global economic headwinds, the Nigeria Sovereign Investment Authority (NSIA) recorded a total profit (excluding share of profits from associates and joint venture (JV) entities) of ₦1.86 trillion in 2024, up from ₦1.17 trillion in 2023.
This marks the 12th consecutive year of profitability since the Authority commenced operations.
According to the 2024 financial statement released on Monday, NSIA’s cumulative retained earnings stood at ₦3.74 trillion at the end of the fiscal year.
The impressive performance was driven by a diversified investment portfolio, strong infrastructure assets, gains from foreign exchange movements, and derivative valuations.
Total Comprehensive Income (TCI), inclusive of share of profits from associates and JV entities, reached ₦1.89 trillion in 2024, reflecting a 59% increase from ₦1.18 trillion in 2023.
Core TCI (excluding foreign exchange and derivative valuation gains) surged by 148% to ₦407.9 billion in 2024, compared to ₦164.7 billion in 2023.
This was supported by robust returns on financial assets measured at fair value through profit and loss, including collateralized securities, private equity, hedge funds, and exchange-traded funds (ETFs).
NSIA’s net assets nearly doubled, rising by 96% to ₦4.35 trillion as of December 2024, compared to ₦2.22 trillion in December 2023.
The Managing Director & Chief Executive Officer, Aminu Umar-Sadiq, attributed the Authority’s outstanding financial performance to strategic vision, disciplined execution, and a commitment to sustainable socio-economic advancement.
“The Authority’s exceptional results in 2024 reflect the strength of our strategic vision, disciplined execution, and unwavering commitment to sustainable socio-economic advancement.
By leveraging innovation, strategic partnerships, and sound risk management, we have not only delivered strong returns but also created value for our stakeholders,” Umar-Sadiq said.
“As we move forward, we remain focused on driving economic transformation, expanding opportunities, scaling transformative impact, and ensuring long-term prosperity for current and future generations of Nigerians,” he added.
In the 2024 financial year, a new board led by Olusegun Ogunsanya as Chairman was appointed by the President in accordance with the provisions of the NSIA Act.
The new board is expected to provide strategic direction and oversight while playing a pivotal role in critical decision-making.
“Under the guidance of the board, the Authority will maintain its focus on its primary mandate of creating shared value for all stakeholders through the continued adoption of corporate governance best practices,”NSIA MD.
