The Nigeria Sovereign Investment Authority (NSIA), manager of Nigeria’s sovereign wealth fund, recorded its 10th year of continuous positive earnings as total assets rose 10.5 per cent to N1.02trn in 2022 up from the N919.73 billion recorded in 2021.
The NSIA, in its audited results for the 2022 financial year, said the firm’s financial performance underscores the resilience of its investment strategy, and the quality of its earnings.
Highlights of NSIA’s activities and performance during the period under review showed that in spite of the challenging macroeconomic environment across markets,its non-volatile revenue such as interest income, revenue from infrastructure business, and management fees earned from fiduciary activities, grew 34.5 per cent or N15.7 billion, year-over-year.
On the flipside, the agency’s total comprehensive income declined 34 per cent to N96 billion in 2022, compared to 147 billion recorded in 2021. The decline was largely attributed to strong macroeconomic headwinds marked by unprecedented shocks, such as the COVID-19 lockdown in China, the Russia-Ukraine conflict, food and energy crises, supply-chain disruptions, soaring inflation, and monetary policy tightening, which precipitously impacted the financial markets.
