Nigeria Sovereign Investment Authority Reports Record ₦1.86 Trillion Profit Amid Oil Theft Decline

The Nigeria Sovereign Investment Authority (NSIA) has announced a record-breaking profit of ₦1.86 trillion for the 2024 financial year, marking a 59% increase from the previous year. The Authority’s total income surged to ₦1.89 trillion, while net assets nearly doubled to ₦4.35 trillion. This milestone represents the highest performance since NSIA’s establishment, signaling a new era of efficient wealth management and economic progress.

According to NSIA, the impressive growth was driven by strategic investments in infrastructure, a well-diversified portfolio, and significant gains in currency markets. The results align with President Bola Tinubu’s policy direction, which emphasizes stronger oversight and better management of Nigeria’s sovereign wealth and public assets.

The record performance is expected to enhance investor confidence and play a crucial role in driving long-term economic development. Analysts believe the positive trajectory of NSIA could lead to increased capital inflows and expanded opportunities for infrastructure growth in Nigeria.

Major Victory in the Fight Against Oil Theft

In a related development, Nigeria has made significant progress in reducing oil theft, a persistent challenge in the country’s energy sector. A new report by the Nigeria Extractive Industries Transparency Initiative (NEITI) reveals that oil theft has dropped by an impressive 73% over the past year. This is a major turnaround from previous years, when theft had severely disrupted oil production, with some regions losing more than half of their output to illegal siphoning.

The reduction in oil theft is attributed to strengthened security measures and improved coordination between government agencies under the Tinubu administration. Enhanced surveillance, deployment of advanced monitoring technologies, and crackdowns on illegal refining sites have contributed to the significant drop.

Industry experts suggest that this progress will not only boost Nigeria’s oil production but also attract more foreign investment into the energy sector. With reduced losses, the government is expected to see increased oil revenue, which could translate into more funding for critical infrastructure and social programs. The improvement also promises thousands of new jobs as oil operations expand in response to the improved security environment.

Positive Economic Outlook

The twin successes of NSIA’s record profit and the sharp decline in oil theft indicate a strengthening Nigerian economy. With better sovereign wealth management and enhanced security in the oil sector, the country is positioning itself for sustained economic growth and greater investor confidence.

As the Tinubu administration continues implementing economic reforms, stakeholders will be watching closely to see if these gains can be maintained and further expanded. Ensuring transparency, accountability, and continued security improvements will be essential in solidifying Nigeria’s economic resurgence.