…commits to sustaining diversified assets strategy
The Nigeria Sovereign Investment Authority (NSIA), manager of the nation’s Sovereign Wealth Fund, on Thursday presented its 2022 audited financial statements in Abuja, the first under the new management of the NSIA since assuming office.
The 2022 financial statement indicates a continuity of the performance trajectory from the pioneer team to the current one and assures of continued high-quality and steady leadership for the Authority.
NSIA recorded 10th straight year of positive earnings despite volatility and headwinds across global markets. In details, the agency’s net asset grew by 10.5 percent to N1.02 trillion in 2022 (2021: N919.73 billion).
Earnings from interest income, infrastructure business revenue, and fiduciary activities’ management fees increased by 34.5 percent amounting to N15.7 billion year-on-year growth.
Total comprehensive income closed at N96.96 billion for 2022, a decline of 34.0 percent relative to N147. 98 billion in 2021.
The reduction in the Group earnings in 2022 was primarily attributable to the decline in the performance of the Future Generations and Stabilization funds invested in emerging and developed financial market instruments and exposed to volatility issues within the global markets.
Speaking at a parley with journalists, Aminu Umar-Sadiq, Managing Director and Chief Executive Officer of the NSIA, expressed delight at having his first official interaction with the media at such an auspicious moment, describing it as one he had looked forward to.
Umar-Sadiq said despite the volatile, uncertain, complex, and ambiguous nature of the global market in 2022, the Authority continued to post positive earnings through effective management of the resources.
“We are in a fiduciary role for the people of Nigeria, current and future. We are guided by this every day as we recognize the urgent need to leverage the institution’s mandate and fund to support the country’s growth agenda. The results that we are presenting today are a continuation of the sterling foundation laid at the NSIA since inception. It is a legacy of achievement that we are sustaining and improving upon,” he said on Thursday.
The MD promised to ensure that Nigeria’s Sovereign Wealth Fund consistently ranks highly in the league of state-owned funds in terms of transparency, governance, and performance.
“Our foray into some new terrains underscores our resolve to ensure that optimal returns are generated through responsible investing. For emphasis, we have on behalf of the present and future generations expanded our focus sectors to include climate finance, renewable energy, innovation, and technology,” Umar-Sadiq stated.
“This is in addition to the priority sectors we had maintained over the years namely agriculture, motorways, power, healthcare, and gas industralisation,” he said.
