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Nigeria’s Sovereign Wealth Assets Boost by 10%

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CEM REPORT, FINANCE | Nigeria’s Sovereign Wealth Fund’s total assets have grown by 10.5 per cent to N1.02 trillion at the close of its 2022 financial year.

This is as total comprehensive income declined 34 per cent to N96.96 billion compared to 147 billion in 2021.

According to the Managing Director and Chief Executive Officer of Nigeria Sovereign Investment Authority (NSIA), Aminu Umar-Sadiq, a respectable performance was recorded despite the challenges in the operating environment.

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“Against market expectations and internal forecasts, 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.”

Revealing the agency’s focus for the year Umar-Sadiq said the agency will turn its radar to the emerging sectors of the economy.

“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.”

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The audited report for the close of its 2022 financial year on December 31 reveals that the non-volatile revenue, such as interest income, revenue from infrastructure business, and management fees earned from fiduciary activities, increased by 34.5 per cent (N15.7 billion) year-over-year.

The decline in the total comprehensive income by 34 per cent from 147 billion in 2021 to N96.96 billion in 2022, the agency attributed to strong macroeconomic headwinds and 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 impacted the financial markets. It said its well-diversified portfolio continues to provide the resilience to withstand market challenges as evidenced by the results.

The NSIA said it would continue to drive direct investments in its core areas of healthcare, toll roads, gas industrialization, technology, ESG, Financial markets infrastructure, toll roads, power and agriculture.

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