NSIA records 1122 percent rise in income

by John Ojewale
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The Nigeria Sovereign Investment Authority has announced a 1,122 percent rise in overall Comprehensive Income for 2023, closing at N1.18 trillion, compared to N96.96 billion in 2022.

This was stated in its audited financial reports for 2023, which were made public on Friday.

The NSIA is a federation-based investment institution that manages funds from planned hydrocarbon income.

The document stated that in 2023, Total Comprehensive Income (excluding foreign exchange gains) increased by 670 percent from N21.39 billion the previous year to N164.69 billion, owing to the authority’s strategic asset allocation and compliance with enterprise risk management processes.

In 2022, its net asset increased by 10.5 percent to N1.02 trillion (2021: N919.73 billion).

Earnings from interest income, infrastructure business revenue, and fiduciary activities’ management fees climbed by 34.5 percent, totaling N15.7 billion year on year, while Total Comprehensive Income ended at N96.96 billion in 2022, a 34.0 percent decrease from N147.98 billion in 2021.

Significant changes in the Nigerian business climate in 2023 had an impact on the disposable income of individuals and communities around the country.








cc: Punch Ng

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