Lagos, May 17, 2023 – Nigeria Sovereign Investment Authority (NSIA) earned N96.96 billion in revenue in 2022.
The figure represented a decline of 34 percent from the N147 billion earned in 2021. due largely to strong macroeconomic headwinds.
The company’s total assets, however, grew by 10.5 per cent to N1.02 trillion in 2022, up from the N919.73 billion recorded in 2021.
Its revenue from infrastructure businesses and management fees earned from fiduciary activities also increased by 34.5 per cent (N15.7 billion) year-on-year.
Its Chief Executive, Aminu Umar-Sadiq, told Bloomberg on Wednesday that the decline in the company’s earnings in 2022 was due primarily to the poor performance of its future generations and stabilization portfolios.
He said the Fund would invest $1 billion in healthcare and solar energy over the next three years.
Umar-Sadiq said that the Fund’s investment strategy in 2023 would be to shield $2.2 billion of assets from volatility in financial markets
He said investing as much as $1 billion over the next three years in solar and healthcare infrastructure would be a major boost for Nigeria’s economy.
Umar-Sadiq said the Fund was also looking for areas where it could make a greater impact, while avoiding losses in an increasingly uncertain global market.
He said the NSIA planned to accelerate economic and energy diversification for Nigeria by 2026 through investments in sectors including health care, gas industrialisation, technology, power, and agriculture. (GBN)
