Nigeria’s Sovereign Wealth Fund profit surges 59% amid asset gains

The Nigeria Sovereign Investment Authority (NSIA) has reported a 59% surge in total comprehensive income for the 2024 fiscal year.

The authority’s audited financial results, released on Monday, show significant gains driven by a diversified investment portfolio, infrastructure assets, and foreign exchange movements.

According to the report, NSIA’s total comprehensive income increased to ₦1.89 trillion in 2024, up from ₦1.18 trillion in 2023. The growth was propelled by strong performances in financial assets, private equity, hedge funds, exchange-traded funds (ETFs), and gains from foreign exchange and derivative valuations.

Excluding these currency-related gains, core total comprehensive income rose by 148% to ₦407.9 billion, reflecting improved returns on financial instruments.

For the 12th consecutive year, NSIA remained profitable, bringing its cumulative retained earnings to ₦3.74 trillion at the end of 2024. Net assets nearly doubled, rising by 96% to ₦4.35 trillion, compared to ₦2.22 trillion in December 2023.

The managing director and chief executive officer, Aminu Umar-Sadiq, attributed the strong financial performance to strategic vision, disciplined execution, and robust risk management practices.

“By leveraging innovation, strategic partnerships, and sound risk management, we have not only delivered strong returns but also created value for our stakeholders,” he said. Looking ahead, he emphasized NSIA’s commitment to driving economic transformation and ensuring long-term prosperity for Nigerians.

NSIA, which oversees the nation’s sovereign wealth fund, operates through three primary mandate funds: the Stabilisation Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund.