News

April 14, 2023

NSIA creates 560,300 jobs in 10 years

NSIA

By Soni Daniel, Editor Northern Operations

The Nigeria Sovereign Wealth Investment Authority, NSIA, created no fewer than 560,300 jobs and grew its assets to over N1 trillion mark between 2013 and 2023.

The breakdown of the jobs created was: 245,000 direct employment and 315,300 indirect jobs generated through the operations of the Nigerian sovereign agency.

Managing Director of NSIA, Mr Aminu Umar-Sadiq, gave the breakdown at a media briefing in Abuja, yesterday, during which he also unveiled the financial performance of the agency within the period under review.

Umar-Sadiq, flanked by other management officials of the agency, pointed out that NSIA successfully raised its net assets growth from N156 billion in 2013 to N1.017 trillion in 2022 and invested over $500million in domestic infrastructure in Nigeria.

According to him, NSIA also attracted over $500 million in foreign direct investments and applied its funds to seven strategic and robust areas of infrastructure investment portfolios within the period.

He also pointed out that the agency developed/co-developed over 10 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.

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 percent to N1.02 trillion in 2022 (2021: N919.73 billion). Total Revenue for 2022 totaled N111.4 billion, a 27.2 percent 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 fairvalue losses on financial assets from externally-managed investments. Nevertheless, we anticipate that these losses will be minimized, if not fully recovered, by 2023, as the global economy starts to recover,” he said.