The Nigeria Sovereign Investment Authority (NSIA) has announced its financial results for 2024, showing significant growth despite global economic challenges. The agency’s net assets nearly doubled, rising by 96% to N4.35 trillion in December 2024, compared to N2.22 trillion in December 2023.
In a statement released on Monday, NSIA’s Head of Corporate Communications, Joyce Onyegbula, highlighted that the authority maintained profitability for the 12th consecutive year, with cumulative retained earnings reaching N3.74 trillion. The strong performance was driven by a diversified investment strategy, infrastructure assets, foreign exchange gains and effective risk management.
Total operating profits, excluding contributions from joint ventures and associates, increased from N1.17 trillion in 2023 to N1.86 trillion in 2024. Additionally, the Total Comprehensive Income (TCI) rose by 59% to N1.89 trillion, while Core TCI, excluding foreign exchange and derivative valuation gains, surged by 148% to N407.9 billion.
NSIA’s Managing Director, Aminu Umar-Sadiq, attributed the impressive performance to strategic planning, disciplined execution and a commitment to economic transformation. He emphasized that the agency remains focused on expanding opportunities, driving infrastructure development and ensuring long-term prosperity for Nigerians.
In 2024, President Bola Tinubu appointed a new Board, chaired by Olusegun Ogunsanya, to provide strategic direction for the authority. The NSIA reaffirmed its commitment to prudent financial management, transparency, and long term value creation, ensuring Nigeria’s sovereign wealth continues to support economic stability and infrastructure growth.