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- Unveils areas of focus for 2024
From Adanna Nnamani, Abuja
The Nigeria Sovereign Investment Authority (NSIA) has disclosed an increase in its net assets from N1.02 trillion recorded at the end of December 2022 to N2.22 trillion in December 2023.
This was shown in the organisation’s 2023 financial results that were just released.
The NSIA said that its total operating income increased from N101.1 billion in the previous year to ₦1.18 trillion, inclusive of foreign exchange gains during the period under review.
It also recorded 11 consecutive years of continuous positive earnings, with a cumulative annual growth rate of 117.3 per cent.
Aminu Umar Sadiq, Managing Director of the NSIA, credited the notable increase to the favourable performance of the infrastructure investments made by the organisation as well as the stocks and fixed-income portfolios.
The report showed that direct investments in domestic infrastructure projects by the NSIA totalled over $500 million.
Also, the NSIA made investments in over 50 per cent of locally owned and operated private equity funds.
Additionally, the document showed how the Authority encouraged investments from outside parties totalling more than $1 billion. Through the establishment of a more favourable investment climate, the NSIA is efficiently utilising its resources to draw in a substantial amount of extra funding for vital projects.
Sadiq said that the investment played a critical part in bolstering the nation’s infrastructure landscape, as well as empowering homegrown businesses to contribute to national development.
The MD further outlined infrastructure and subsidiary development as among the NSIA’s strategic priorities for 2024 and beyond, following a remarkable performance in the 2023 financial year.
Following an impressive performance in the 2023 financial year, the MD listed infrastructure and subsidiary development as among the NSIA’s strategic priorities for 2024 and beyond.
He said: “We will continue to ensure that we have enhanced fiscal responsibility within the institution. The second is to ensure that all of these platforms that we are creating, that are developed and implemented in a manner that can attract foreign capital to match our capital in order to be able to have the kind of scalable impact within the space that we are playing in.
“We have already started to see some of that in MEDSA. We are seeing some of that in Carbon Vista already. We are seeing some of that in Ripple as well. But to make sure that these are developed in a well-organised, well-managed, well-governed, well-capitalised manner to ensure that they can be that partner of choice for external capital to engage Nigerian investors.
“The third is a focus on Environmental, social, and governance (ESG) to ensure that we are able to go beyond business as usual in terms of how we establish these companies, that we are able to differentiate ourselves in the context of operationalising.
“And then lastly, which is very important, to ensure that we can be that bridge between the announcement of initiatives as well as the operationalisation of those initiatives, which is to bring a best-in-class ability to effectively execute infrastructure projects as required.”
