The Managing Director and Chief Executive Officer of the Nigeria Sovereign Investment Authority (NSIA), Mr Animu Umar-Sadiq, says the authority has committed over $500 million in domestic infrastructure in 12 years.
Mr Umar-Sadiq disclosed this on Wednesday while presenting the key highlights of NSIA’s 2024 financial performance to some financial journalists in Abuja.
He added that the authority has also catalyzed over $1billion in third-party investment within the same period.
While noting that the authority has recorded 12 years of consistent positive returns, the MD disclosed that NSIA grew its net assets from N156 billion ($1 billion) in 2013 to N4.354 trillion ($2.84 billion) in 2024.
The NSIA boss also noted the robust infrastructure investment portfolio across key sectors of the nation’s economy, such as Agriculture, Health and Power.
Adding that the authority invested in over 50% of locally owned and run private equity funds.
Umar-Sadiq said the NSIA, through its operations and investments has generated positive social and economic nationwide impact and contributed towards the attainment of key Sustainable Development Goals (SDGs) for Nigeria.
He said in power, the NSIA developed a 10megawatts solar project with over 500 jobs to be created directly and indirectly.
The MD listed others to include “13,504 affordable houses under construction, over 236,000 formers supported through agriculture investments, 3 hospital projects with over 282,100 patients served and 150 chemotherapy sessions, over 3,500 youths received formal education through partnered educational institutions.”
Reeling out the 2024 Financial Year Results, the NSIA Chief Financial Officer, Victor Sesere said, NSIA remained profitable for 12 consecutive years, resulting in cumulative retained earnings of ₦3.74 trillion at the end of 2024.
He said the authority’s total operating profits, excluding share of profits from associates and Joint Venture (JV) entities, grew from ₦1.17 trillion in 2023 to ₦1.86 trillion in 2024, driven by the strong performance of NSIA’s diversified investment portfolio, infrastructure assets, gains from foreign exchange movements and derivative valuations.
The CFO also disclosed that the Total Comprehensive Income (TCI), inclusive of share of profits from associates and JV entities reached ₦1.89 trillion in 2024, reflecting a 59% increase from ₦1.18 trillion in 2023. While Core TCI (excluding foreign exchange and derivative valuation gains) rose by 148% to ₦407.9 billion in 2024, against the ₦164.7 billion posted in 2023.
Also speaking, the Chief Investment Officer of NSIA, Mr Kolawole Owodunmi said the performance was recorded regardless of the monetary policy adjustments, declining oil prices, heightened concern s over global trade conflict, increased minimum capital requirements for banks, foreign exchange market reforms and inflation pressure and high interest rates.
He explained that the NSIA delivers its mandate by investing through 3 separate and ring-fenced funds. These include Stabilisation Fund (SF), Future Generation Fund (FGF) and Nigeria Infrastructure Fund (NIF).
On her part, the NSIA’s Chief Operating Officer, Ijeoma Tylor said, some of the authority’s subsidiaries like the Development Bank of Nigeria (DBN) has disbursed over N968.5 billion loan, especially, to Micro, Small and Medium Enterprises (MSMEs) in the country.
She also disclosed that the Family Homes Funds Limited (FHFL) which aims to invest up to N1trillion in providing homes for about 500, 000 people, has delivered over 13,000 homes to low-income households across 13 states.
Another is InfraCredit, which she said has guaranteed over N120billion in bond issuance across various sectors, and Nigeria Mortgage Refinance Company (NMRC) which has refinanced over N30 billion housing loans since inception.
In his concluding comments, the NSIA MD said efforts would be intensified to double the performance of 2024.
He gave the key focus areas to include governance, Large scale infrastructure projects, Stable cost-income-ratio, Operational excellence, AUM growth, Income growth, Continental leadership and reach, and operationalise subsidiaries.
