Nigeria Sovereign Wealth Fund Sees 150% Profit Surge, Assets Reach N4.6trn in Q3 2024
The Nigeria Sovereign Investment Authority (NSIA), managers of the country’s Sovereign Wealth Fund (SWF) reported a 150 percent increase in profit to N2.03 trillion, for the nine-months (9M) period that ended September 2024, according to data from its audited financial statement seen by MoneyCentral.
Total assets of the NSIA at the end of September 2024, jumped to N4.6 trillion, led by investment securities of N3.52 trillion and cash and cash equivalents of N828 billion.
The Nigeria Wealth Fund profit for the nine-months’ period to September 2024 was boosted by fair value gain on financial assets of N817.5 billion, as well as net foreign exchange (FX) gains of N1 trillion, according to the NSIA financial statement signed by CEO Aminu Umar-Sadiq on February 5th, 2025.
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Meanwhile, there remained a N1.589 trillion collaterised securities balance on the books of the NSIA as at 30 September 2024, arising from the currency swap transactions it entered into with the Central Bank of Nigeria (CBN) and the underlying asset (OMO Bills).
The Nigeria Sovereign Investment Authority (NSIA), also received additional contribution of $175 million (N247 billion) from the Government through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in the nine-months (9M) 2024 period.
This is based on the implementation of the Petroleum Industry Act (PIA) of 2021.
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