NSIA Reports Record 59% Profit Growth, Retained Earnings Reach N3.74 Trillion
The Nigeria Sovereign Investment Authority (NSIA) has announced a remarkable 59% surge in profits for the 2024 fiscal year, with retained earnings reaching an all-time high of N3.74 trillion. This achievement marks the twelfth consecutive year of profitability for the agency, reinforcing its position as a key driver of economic transformation in Nigeria.
According to NSIA’s audited financial results, total operating profits increased from N1.17 trillion in 2023 to N1.86 trillion in 2024. The authority attributed this significant growth to its diversified investment portfolio, strategic infrastructure investments, and gains from foreign exchange movements and derivative valuations. Total Comprehensive Income (TCI), which includes earnings from joint ventures and partnerships, also rose by 59% to N1.89 trillion. Excluding foreign exchange and derivative valuation gains, Core TCI experienced an even sharper increase of 148%, reaching N407.9 billion.
Strong Financial Performance Amid Economic Challenges
NSIA’s net assets nearly doubled in 2024, rising from N2.22 trillion in 2023 to N4.35 trillion. Managing Director and CEO Aminu Umar-Sadiq described the results as a testament to NSIA’s strategic vision and disciplined execution.
“Our outstanding financial performance in 2024 reflects the strength of our investment strategy, disciplined execution, and unwavering commitment to sustainable socio-economic advancement,” Umar-Sadiq stated. “By leveraging innovation, strategic partnerships, and sound risk management, we have not only delivered strong returns but also created value for our stakeholders.”
The agency’s investment strategy has remained resilient despite global economic uncertainties. Notably, NSIA recorded a 60% rally in net foreign exchange gains, totaling N859.4 billion, and a 27% increase in net gains on financial assets. The devaluation of the naira, which has lost 70% of its value against the dollar since 2023, contributed significantly to the foreign-exchange gains.
Implications for MSMEs and Business Growth
For micro, small, and medium enterprises (MSMEs) and entrepreneurs, NSIA’s strong financial position translates to increased government-backed investments that enhance access to funding, improve infrastructure, and support key business sectors. Investments in private equity, hedge funds, and Exchange-Traded Funds (ETFs) have provided a critical boost to business expansion and innovation across Nigeria.
The authority’s impact is particularly evident in its infrastructure development initiatives. NSIA has been instrumental in managing projects such as the Lagos-Ibadan Expressway, Second Niger Bridge, and Abuja-Kaduna-Zaria-Kano Road. These projects, funded in part by $342.8 million in recovered funds, including $311.8 million from the Abacha family, underscore the authority’s commitment to channeling resources toward national development.
New Leadership and Commitment to Good Governance
In 2024, a new Board of Directors was appointed by President Bola Tinubu, with Olusegun Ogunsanya as Chairman. The board has pledged to uphold transparency, strong corporate governance, and impactful investments to further solidify NSIA’s role in Nigeria’s economic development.
“We project that 2025 expectations look even better,” Umar-Sadiq noted. “More importantly, every naira is accounted for.”
With a clear focus on operational excellence and stakeholder collaboration, NSIA continues to prioritize investments that align with its core mandate. The authority operates three primary funds: the Stabilization Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund. These funds are strategically positioned to drive long-term economic development, provide financial stability, and create opportunities for wealth generation.
Outlook for 2025 and Beyond
Looking ahead, NSIA remains committed to its mission of prudent management and investment of Nigeria’s sovereign wealth. The agency has assured stakeholders that it will maintain its focus on delivering long-term value through operational excellence, innovation, and strategic partnerships.
“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,” the authority emphasized in a statement.
As NSIA continues to expand its investment portfolio and infrastructure projects, businesses and entrepreneurs can anticipate improved lending conditions, better policies, and enhanced economic opportunities that will contribute to Nigeria’s long-term prosperity.
