LAGOS, Nigeria (VOICE OF NAIJA)-The Nigeria Sovereign Investment Authority (NSIA) has reported a Comprehensive Income of N1.18 trillion for the 2023 Financial Year.
This was disclosed in the company’s 2023 Audited Financial Statement released by the Head of Corporate Communications, Joyce Onyegbula, in Abuja on Friday.
“Total Comprehensive Income closed at ₦1.18 trillion for 2023, a growth of 1,122% relative to ₦96.96 billion in 2022.
“The financial performance underscores the resilience of the NSIA’s investment strategy and the quality of its earnings, despite the challenging global macro-economic and geo-political landscape,” it said.
The 2023 Financial Results indicated 11 consecutive years of continuous positive earnings with a cumulative annual growth rate of 117.3%. Net Assets grew 119% to ₦2.22 trillion in Dec-23 (Dec-22: ₦1.02 trillion).
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NSIA’s main Comprehensive Income (excluding foreign exchange gains) increased from ₦21.39 billion last year to ₦164.69 billion, showing an improvement of 670% increase.
The surge in income was fueled by the excellent performance of NSIA’s equities and fixed-income portfolios, along with the positive outcomes of its infrastructure investments.
The Managing Director of the Authority, Aminu Umar-Sadiq while reacting to the development said NSIA’s excellent results in 2023 and consistent positive performance over a decade offer further proof of their robust strategic asset allocation, proficient execution of their infrastructure initiatives as well as effective risk management processes.
“We remain firmly committed to catalysing positive socio-economic outcomes through critical infrastructure investments; strategic partnerships that expand our impact across pivotal sectors; and solutions that not only deliver our mandate but simultaneously uphold environmental stewardship.
“Looking ahead, we re-affirm our focus on creating shared prosperity for current and future generations of Nigerians,” he said.
In its Market Overview & Performance Summary, the report highlighted how policy changes by the federal government resulted in the Naira depreciating by over 100 percent against the dollar during the year under review.
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“The Nigerian government instituted new policy changes including the redesign of the Naira notes, the removal of fuel subsidies, and the floating of the currency.
“The country during the period struggled with high double-digit inflation rates soaring up to 30% and over a 100% devaluation of the currency to the USD. These factors shaped the economic landscape throughout the year,” it said.
Despite these challenges, NSIA Group’s net earnings by the end of 2023 totaled ₦1.18 trillion, including ₦1.02 trillion in foreign exchange gains.
This represents an increase of 1,122% compared to the ₦96.96 billion, with ₦75.6 billion in foreign exchange gains, recorded in 2022.
Numerous key highlights played a significant role in contributing to the Group’s (Authority and Subsidiaries) performance during the 2023 financial year.
The Nigeria Infrastructure Fund (NIF), as per NSIA, achieved significant milestones by overseeing key national strategic road projects.
These include the completion and handover of the Second Nigeria Bridge Project, a 1.6km bridge linking Asaba to Onitsha in the South-Eastern part of Nigeria.
Additionally, the NIF made substantial progress on the revised Abuja-Kaduna-Kano expressway project, with over 90% completion of the Lagos-Ibadan Expressway Project.
Furthermore, the organisation completed and commissioned a 10MW solar project in Kano, along with its corresponding interconnection and distribution infrastructure.