NSIA records N1.2 trn income

This was contained in the company’s 2023 Audited Financial Statement, released to the media by the Head of Corporate Communications,  Joyce Onyegbula, in Abuja on Friday.

“Total Comprehensive Income closed at ₦1.18 trillion for 2023, a growth of 1,122% relative to ₦96.96 billion in 2022.

“The financial performance underscores the resilience of the NSIA’s investment strategy and the quality of its earnings, despite the challenging global macro-economic, and geo-political landscape,” it said.

The 2023  Financial Results indicated 11 consecutive years of continuous positive earnings with a cumulative annual growth rate of 117.3%.

Net Assets grew 119% to ₦2.22 trillion in Dec-23 (Dec-22: ₦1.02 trillion).

NSIA’s core Total Comprehensive Income (excluding foreign exchange gains) rose from ₦21.39 billion in the previous year to ₦164.69 billion, marking a 670% increase attributable to the Authority’s robust strategic asset allocation and adherence to best-in-class enterprise risk management processes.

This significant rise was attributed to the positive performance of the equities and fixed-income portfolios, as well as the positive performance of NSIA’s infrastructure investments.

The Managing Director of the Authority,   Aminu Umar-Sadiq was quoted as saying,  “Our excellent results in 2023 and consistent positive performance over a decade offer further proof of our robust strategic asset allocation, proficient execution of our infrastructure initiatives as well as effective risk management processes.

“We remain firmly committed to catalysing positive socio-economic outcomes through critical infrastructure investments; strategic partnerships that expand our impact across pivotal sectors; and solutions that not only deliver our mandate but simultaneously uphold environmental stewardship.

“Looking ahead, we re-affirm our focus on creating shared prosperity for current and future generations of Nigerians.”

In it Market Overview & Performance Summary,  the report noted how policy changes by the federal government led to over 100 percent devaluation of of the Naira to the dollar within the year under review.

“The Nigerian government instituted new policy changes including the redesign of the Naira notes, the removal of fuel subsidies, and the floating of the currency.

“The country during the period struggled with high double-digit inflation rates soaring up to 30% and over a 100% devaluation of the currency to the USD. These factors shaped the economic landscape throughout the year,” it said.

Despite these challenges, NSIA Group’s net earnings at the close of 2023 amounted to ₦1.18 trillion, (Incl. ₦1.02 trillion foreign exchange gains) marking a remarkable increase of 1,122% compared to the ₦96.96 billion, (Incl. ₦75.6 billion foreign exchange gains) recorded in 2022. Several key highlights contributed to the Group’s (Authority and Subsidiaries) performance during the 2023 financial year.

Nigeria Infrastructure Fund (NIF) , the NSIA said had recorded milestones included executing Key national strategic road projects, such ompletion and handover of the Second Nigeria Bridge Project, a 1.6km bridge in the South-Eastern part of Nigeria connecting Asaba to Onitsha; over 90% completion of the Lagos-Ibadan Expressway Project, and substantial progress on the revised Abuja-Kaduna-Kano expressway project.

The organisation also listed the completion and commissioning the 10MW solar project in Kano and the corresponding interconnection and distribution infrastructure.