The Nigeria Sovereign Investment Authority grew its net assets by 10.5 per cent to N1.02tn in 2022 from N919.73bn in 2021.
The Sovereign Wealth Fund manager disclosed that earnings from interest income, infrastructure business revenue, and fiduciary activities’ management fees increased by 34.5 per cent, which amounted to N15.7bn year-on year growth.
The NSIA is an investment institution of the federation set up to manage funds in excess of budgeted hydrocarbon revenues, and as part of its mandate, operates the Stabilisation Fund, the Future Generations Fund and the Nigeria Infrastructure Fund.
Presenting the 2022 audited financial statements to bureau chiefs and financial correspondents in Abuja on Thursday, the first under the new management of the Authority since assuming office, the Managing Director and Chief Executive Officer, NSIA, Aminu Umar-Sadiq explained that the organisation had attracted $500m foreign direct investments into the country, and also invested $500m in domestic infrastructure.
Among other things, the NSIA developed or co-developed over 10 institutions and platforms to improve the financial market ecosystem.
Umar-Sadiq disclosed that it also invested in over 80 per cent of locally owned and run private equity funds.
He explained that the NSIA’s total comprehensive income closed at N96.96bn in 2022, a decline of 34.0 per cent relative to N147.98bn in 2021.
The managing director said the sovereign wealth manager recorded 10th straight year of continuous positive earnings despite volatility and headwinds across global markets.
According to him, the 2022 financial statements indicated a continuity of the performance trajectory from the pioneer team to the current one, assuring the nation of continued high-quality and steady leadership for the Authority.
He stated that the Nigerian economy faced multi-dimensional challenges ranging from surging inflation primarily driven by high cost of petroleum products and food prices, to declining oil output and weakening currency, which diminished the prospect for growth.
