Key Highlights
- NSIA’s revenue from infrastructure business, and management fees earned from fiduciary activities, increased by 34.5% (N15.7 billion) year-over-year.
- Total Comprehensive Income of N96 billion in 2022 representing a decline of 34% relative to N147 billion in 2021 due largely to strong macroeconomic headwinds.
- The earnings of the NSIA Group at the end of 2022 was N96.96 billion, which is 34% less than the N146.98 billion recorded in 2021.
The Nigeria Sovereign Investment Authority (NSIA ), manager of Nigeria’s sovereign wealth fund, on Thursday announced its audited results for the 2022 financial year.
Highlights of NSIA’s activities and performance during the period according to the NSIA in a statement showed that it recorded its 10th year of continuous earnings in spite of volatility and headwinds across markets.
Financial performance
Total Assets grew 10.5% to N1.02 trillion in 2022 up from the N919.73 billion recorded in 2021.
Revenue from infrastructure business, and management fees earned from fiduciary activities, increased by 34.5% (N15.7 billion) year-over-year.
Total Comprehensive Income of N96 billion in 2022 representing a decline of 34% relative to N147 billion in 2021 due largely to strong macroeconomic headwinds.
The earnings of the NSIA Group at the end of 2022 was N96.96 billion, which is 34% less than the N146.98 billion recorded in 2021. The decline according to NSIA was primarily attributable to the performance of its Future Generations and Stabilization portfolios that are invested in emerging and developed financial market instruments.
What the NSIA said
The Managing Director and Chief Executive Officer, Mr. Aminu Umar-Sadiq, said the performance was recorded despite the challenges in the operating environment.
He said, “Against market expectations and internal forecast, NSIA closed the 2022 financial year with a respectable performance. This result underscores the robustness of our diversified portfolio and the excellent commitment of the team…”
Adding further, he remarked “As we look to the future, NSIA is resolute in its commitment to delivering increased investments in critical sectors of the economy, driving growth across its funds, and attracting third-party capital into Nigeria’s infrastructure sector. In 2023, we will be resourcing our various platforms targeted at emerging sectors – renewable energy, sustainability, innovation, and healthcare – which will ensure the Authority achieves its dual objectives of delivering financial returns and impactful social outcomes.”
What you should know
The 2022 fiscal year was 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
Like other emerging and frontier markets, the Nigerian economy faced multi-dimensional challenges during the year. From surging inflation primarily driven by food prices to declining oil output and weakening currency, the prospect for growth diminished as the year wound down.
Although the Group’s earnings are lower than that of 2021, the NSIA Group said it remains confident in its investment strategy and will continue to explore opportunities to mitigate risks and achieve its investment objectives.
