The Nigeria Sovereign Investment Authority (NSIA) says its total assets grew to N1.02 trillion at the close of the financial year which ended December 31, 2022.
In its 2022 full-year audited results released on Thursday, the investment institution said the asset growth indicated a 10.5 percent increase from the N919.73 billion recorded in 2021.
The NSIA said its non-volatile revenue such as interest income, revenue from infrastructure business, and management fees earned from fiduciary activities, increased by 34.5 percent (N15.7 billion) year-over-year.
The institution, however, noted its total comprehensive income stood at N96.96 billion in 2022, representing a decline of 34 percent compared to 147 billion in 2021.
The NSIA attributed the decline to strong macroeconomic headwinds.
The institution said although its earnings are lower than that of 2021, it remained confident in its investment strategy and would continue to explore opportunities to mitigate risks and achieve its investment objectives.
Commenting on the result, Aminu Umar-Sadiq, managing director and chief executive officer of NSIA, said a respectable performance was recorded despite the challenges in the operating environment.
“Against market expectations and internal forecast, NSIA closed the 2022 financial year with a respectable performance. This result underscores the robustness of our diversified portfolio, and the excellent commitment of the team,” Umar-Sadiq said.
“As we look to the future, NSIA is resolute in its commitment to delivering increased investments in critical sectors of the economy, driving growth across its funds, and attracting third-party capital into Nigeria’s infrastructure sector.
“In 2023, we will be resourcing our various platforms targeted at emerging sectors – renewable energy, sustainability, innovation, and healthcare – which will ensure the Authority achieves its dual objectives of delivering financial returns and impactful social outcomes.”
Source: Top Stories
