Home Business NSIA creates 560,300 jobs in ten years, assets hit N1.017trn

NSIA creates 560,300 jobs in ten years, assets hit N1.017trn

by Business News Report

The Nigeria Sovereign Wealth Investment Authority, NSIA, created 560, 300 jobs and grew its assets to over N1trillion mark between 2013 and 2023. The breakdown of the jobs created according NSIA are 245,000 direct employment and 315, 300 indirect jobs. The Managing Director of the NSIA, Mr. Aminu Umar-Sadiq, gave the breakdown at a media briefing in Abuja during which he also unveiled the financial performance of the agency within the period under review.

Umar-Sadiq, who was with other management officials of the agency, said that NSIA successfully raised its net assets growth from ₦156 billion in 2013 to ₦1.017 trillion in 2022 and invested over $500 million in domestic infrastructure in Nigeria. According to Umar-Sadiq, the NSIA also attracted over $500 million in foreign direct investments and applied its funds in seven strategic and robust areas of infrastructure investment portfolios within the period. The NSIA MD/CEO also pointed out that the agency developed/co-developed over ten institutions and platforms to improve the financial market ecosystem while it also invested in over 80 percent of locally owned and run private equity (PE) funds in the country.

Umar-Sadiq listed the areas of the NSIA’s investments to include: three projects in motorways covering over 515.4 kilometres, 10 megawatts solar power scheme, agricultural scheme, healthcare projects and housing schemes across the geopolitical zones of Nigeria. Umar-Sadiq pointed out that although its performance in 2022 was affected by the global downtown, it nevertheless delivered a respectable performance during the financial year. He said “despite numerous challenges posed by the global economic environment, NSIA delivered a respectable financial performance, underscoring the resilience of its asset allocation and investment strategy. For the 10th year in a row, the NSIA has remained profitable, closing the 2022 financial year as follows: Net Asset grew 11.0% to N1.02 trillion in 2022 (2021: N919.73 billion). Total Revenue for 2022 totalled ₦111.4 billion, a 27.2% decline from 2021. This comprises of income earned from the Authority’s core assets within the three funds and its fiduciary activities in relation to its third-party managed assets.

“In 2022, the Authority efficiently managed all its controllable earnings streams, resulting in growth in its nonvolatile revenue streams. The decline in performance year-on-year can be attributed solely to fair value losses on financial assets from externally-managed investments. Nevertheless, we anticipate that these losses will be minimised, if not fully recovered, by 2023, as the global economy starts to recover,” he said.

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