…cumulative retained earnings hit ₦3.74trn as SWF drives economic transformation
The Nigeria Sovereign Investment Authority (NSIA) has delivered another year of exceptional financial performance, announcing a record profit of ₦1.86 trillion for the 2024 fiscal year.
The reported profit which excludes share of profits from associates and Joint Venture (JV) entities, grew from ₦1.17 trillion in 2023 driven by the strong performance of NSIA’s diversified investment portfolio, infrastructure assets, gains from foreign exchange movements and derivative valuations.
This achievement marks the Authority’s 12th consecutive year of profitability, and underscores the resilience of its investment strategy and ability to navigate a challenging global macroeconomic and geopolitical landscape.
NSIA’s audited financial results released on Monday reveal a robust 59% increase in Total Comprehensive Income (TCI), which rose to ₦1.89 trillion in 2024, up from ₦1.18 trillion in 2023. This is inclusive of share of profits from associates and JV entities.
Core TCI, which excludes foreign exchange and derivative valuation gains, surged by 148% to ₦407.9 billion, driven by strong returns on financial assets, including private equity, hedge funds, and Exchange-Traded Funds (ETFs).
The Authority’s net assets nearly doubled, growing by 96% to ₦4.35 trillion as of December 2024, compared to ₦2.22 trillion in the previous year. Cumulative retained earnings reached ₦3.74trillion as the Sovereign Wealth Fund (SWF) continues to drives economic transformation.
Aminu Umar-Sadiq, NSIA’s Managing Director & CEO, told BusinessDay that the impressive growth reflects the Authority’s disciplined execution of its investment strategy, which leverages a diversified portfolio and robust risk management practices.
“We are excited about this super result, I must tell you. And it’s an outcome of actual core work done by our team.. not fx gains, not revaluation, but actual hard work,” he noted.
“Our projection is that 2025 expectations look even better. More importantly, every money is accounted for.”
Umar-Sadiq further attributed the Authority’s success to its strategic vision, innovation, and focus on sustainable socio-economic advancement.
“Our outstanding financial performance in 2024 reflects our unwavering commitment to creating value for our stakeholders,” he added.
“We are not only delivering strong returns but also scaling transformative impact across Nigeria.”
A new Board, led by Chairman Olusegun Ogunsanya, was appointed in 2024 to provide strategic direction and oversight.
Under the Board’s guidance, NSIA has remained committed to its mandate of prudent management and investment of Nigeria’s sovereign wealth, prioritizing transparency, disclosure, and effective stakeholder engagement.
The Authority has played a pivotal role in infrastructure development, managing critical projects such as the Lagos-Ibadan Expressway, Second Niger Bridge, and Abuja-Kaduna-Zaria-Kano Road.
These initiatives are funded in part by $342.8 million in recovered funds, including $311.8 million from the Abacha family, demonstrating NSIA’s role in channeling resources toward national development.
Looking ahead, the Authority has assured of committed focus on its core mandate of managing Nigeria’s sovereign wealth fund, delivering long-term value, and driving economic transformation.
Its strategic priorities include operational excellence, innovation, and stakeholder collaboration, ensuring it continues to contribute to Nigeria’s prosperity for generations to come.
“With a track record of consistent profitability and a clear vision for the future, NSIA is well-positioned to sustain its role as a catalyst for economic growth and societal development in Nigeria,” it emphasised in a mailed note.
