The Nigeria Sovereign Investment Authority increased its net assets from N919.73 billion in 2021 to N1.02 trillion in 2022, a growth of 10.5%. The Sovereign Wealth Fund manager reported a 34.5 percent increase in interest income, infrastructure business revenue, and management fees for fiduciary operations, totaling N15.7 billion in year-over-year growth.
Aminu Umar-Sadiq, the managing director and chief executive officer of NSIA, said the organization had brought $500 million in foreign direct investments into the nation and had also spent $500 million in domestic infrastructure.
The NSIA created or collaborated on the creation of more than 10 institutions and platforms to enhance the environment of the financial markets. According to him, the NSIA’s total comprehensive income reached N96.96 billion in 2022, down 34.0% from N147.98 billion in 2021. The managing director said the sovereign wealth manager recorded 10th straight year of continuous positive earnings despite volatility and headwinds across global markets.
The 2022 financial statements indicated a continuity of the performance trajectory from the pioneer team to the current one, assuring the nation of continued high-quality and steady leadership for the Authority.
He stated that the Nigerian economy faced multi-dimensional challenges ranging from surging inflation primarily driven by high cost of petroleum products and food prices, to declining oil output and weakening currency, which diminished the prospect for growth.