Through the implementation of the Petroleum Industry Act (2021), the Nigerian Upstream Petroleum Regulatory Commission has assisted the Federal Government to provide additional funding of $175m (N247bn) to the Nigeria Sovereign Investment Authority within a nine- month period of 2024.
This is just as the NSIA, which manages the country’s Sovereign Wealth Fund reported a 150 per cent increase in profit to N2.03trn, for the nine-months period that ended September 2024, according to data from its audited financial statement.
During the period, total assets of the NSIA rose to N4.6trn, led by investment securities of N3.52trn and cash and cash equivalents of N828bn.
The NSIA profit was boosted by fair value gain on financial assets of N817.5bn, as well as net foreign exchange (FX) gains of N1trn, according to the NSIA financial statement signed by the Chief Executive Officer, Aminu Umar-Sadiq.
There was also a N1.589trn collateralized securities balance on the books of the NSIA as of 30 September 2024, arising from the currency swap transactions it entered into with the Central Bank of Nigeria and the underlying asset (OMO Bills).
The NSIA had in 2023 financial period recorded 11 consecutive years of continuous positive earnings with a cumulative annual growth rate of 117.3 per cent.
Net Assets grew by 119 per cent to ₦2.22trn in December 2023, while
NSIA’s Total Operating Income increased from ₦101.1bn in the previous year to ₦1.18trn, inclusive of foreign exchange gains during the period.
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.
Total Comprehensive Income closed at ₦1.18trn for 2023, a growth of 1,122 per cent relative to ₦96.96bn in 2022.
NSIA’s core Total Comprehensive Income (excluding foreign exchange gains) rose from ₦21.39bn in the previous year to ₦164.69bn, marking a 670 per cent increase attributable to the Authority’s robust strategic asset allocation and adherence to best in-class enterprise risk management processes.
The Managing Director & Chief Executive Officer of NSIA, Aminu Umar-Sadiq, had while speaking on the 2023 financial performance stated that the company is firmly committed to catalysing positive socio-economic outcomes through critical infrastructure investments.
“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,” he had said.
