manager of Nigeria’s sovereign wealth fund, has announced its audited results for the 2022 financial year, with a record of 10th straight year of continuous positive earnings despite volatility and headwinds across global markets. The financial performance underscores the resilience of the Authority’s investment strategy and the quality of its earnings, notwithstanding the challenging macroeconomic environment.
“Against market expectations and internal forecast, 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 staff.
The reduction in the Group earnings in 2022 was primarily attributable to the decline in the performance of the Future Generations and Stabilization funds invested in emerging and developed financial market instruments and exposed to volatility issues within the global markets. It is however noteworthy that earnings from interest income, infrastructure business revenue, and fiduciary activities’ management fees increased by 34.5% year-on-year.
Pandagric Novum: After roughly three years of development and construction work, the Pandagric Novum farm, a joint venture between NSIA and Signature Agri Investment, was commissioned in September of 2022 by Vice President Yemi Osinbajo. On another note, NSIA has incorporated an equipment leasing company, Equilease. This is in fulfilment of NSIA’s commitment to bridge notable voids in the domestic healthcare value chain. Equilease was conceived to stimulate the proliferation of high-quality medical infrastructure in Nigeria by providing alternative financing options for acquiring critical medical equipment via equipment leasing.
At the end of December 2022, approximately 30% of the fund was invested in a portfolio of U.S. treasury bonds tracking the Bloomberg Barclays U.S. Treasury bond 1–3-year index. The fund returned 4.08% for the year.In the 2022 financial year, the pioneer MD and CEO, Mr. Uche Orji, completed his second and final tenure on 30 September, 2022, and a new Executive Management team led by Mr. Aminu Umar-Sadiq was appointed by His Excellency, President Muhammadu Buhari in October of 2022.