The Nigeria Sovereign Investment Authority (NSIA) announced strong financial results for the 2024 fiscal year on March 31, 2025, reporting retained earnings of $2.4 billion.
According to the NSIA release, these results underscore the resilience of NSIA’s investment strategy and the strength of its earnings, driven by a well-diversified revenue base and robust risk management practices, despite a challenging global macroeconomic and geopolitical environment.
Highlights of the 2024 FY Financial Results
NSIA has remained profitable for 12 consecutive years, resulting in cumulative retained earnings of ₦3.74 trillion at the end of 2024.
Total operating profits, excluding share of profits from associates and Joint Venture (JV) entities, grew from ₦1.17 trillion in 2023 to ₦1.86 trillion in 2024, driven by the strong performance of NSIA’s diversified investment portfolio, 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) rose by 148% to ₦407.9 billion in 2024 (2023: ₦164.7 billion), 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).
Net Assets nearly doubled, increasing by 96% to ₦4.35 trillion as of December 2024, compared to ₦2.22 trillion in December 2023.
In his remarks, Aminu Umar-Sadiq, the Managing Director & Chief Executive Officer, said: “The Authority’s outstanding financial performance in 2024 reflects 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.”
Outlook
The economic landscape of 2024 is expected to be dynamic, with various factors influencing its outcome. The Russia-Ukraine conflict is likely to continue impacting trade dynamics and geopolitical stability. In addition, the delayed resolution of the Israel-Hamas conflict might lead to more economic disruptions, humanitarian issues, and the potential for wider conflicts in the Middle East, leading to global disruptions in supply chains and trade.
Furthermore, Central Banks in developed economies are expected to maintain vigilant measures to combat inflation, which could affect global liquidity and interest rates, while the ongoing trend of deglobalisation may reshape supply chains, cross-border investments, and market access.
The fast-paced integration of AI technology across multiple sectors holds the potential to enhance global productivity while also disrupting traditional job structures.
Amidst these complexities, strategic planning, effective risk and governance frameworks, and adaptability will be important.
ESG, Sustainability, and Climate finance will continue to play a vital role in our investment approach and strategy going forward.
NSIA will continue to drive direct investments across its 5 core thematic areas.
