After 13 years of its establishment and financial resilience, the Nigeria Sovereign Investment Authority (NSIA) has grown Net Asset Value to $3.40 billion, from the initial seed capital of $1 billion and augmented contributions of $1.06 billion, totaling $2.06 billion.
The growth represents a 10.7% Compound Annual Growth Rate, and was supported by a cumulative $241.2 million in capital injections during the year, combined with $320.2 million in net earnings from performance across core revenue streams.
NSIA also reported Core Operating Income of ₦525.3 billion and Core Total Comprehensive Income (TCI) of ₦478.8 billion for the full year ended 2025.
According to the annual report, the Authority’s total assets grew by 10.9% year-on-year, closing at ₦4.91 trillion ($3.42 billion) in 2025.
The Authority explained that the growth was driven by dynamic asset allocation, efficient liquidity deployment, a 35.8% increase in investment securities, and improved returns across multiple asset classes.
NSIA noted that the increase underscores its capacity to preserve and grow long-term shareholder value.
The Group delivered a marked improvement in profitability in 2025, with Return on Equity (USD) rising to 10.5%, up from 7.2% in 2024. Similarly, Return on Assets (USD) increased to 9.9%, compared with 7.1% in the prior year.
This improvement reflects the resilience and effectiveness of NSIA’s diversified, global investment portfolio, which continued to generate stable earnings and drive sustainable long-term value despite a dynamic macroeconomic environment.
Core operating income rose from ₦498.0 billion ($328.5 million) in the prior year to ₦525.3 billion ($349.1 million) in 2025, reflecting the Authority’s deliberate efforts to actively deploy capital across diverse asset classes.
This growth was primarily driven by a 138% increase in the performance of externally managed investment portfolios, supported by improved performance across both developed and emerging markets.
Additionally, interest income from financial assets increased by 10%, reflecting higher yields and increased volumes, despite market rate cuts.
Other components of core operating income include Infrastructure revenues from Agriculture and Healthcare businesses. As part of its planned exit from the Presidential Fertilizer Initiative (PFI) and in line with the market-driven Phase II model of PFI, NSIA successfully completed the phased transfer of operatorship to the Ministry of Finance Incorporated (MoFI) between 2024 and 2025.
This transition impacted agriculture infrastructure revenues but aligns with NSIA’s strategic goal of promoting long-term sustainability and deepening private sector participation across the fertilizer value chain.
The revenue line for Non-Core Operating Income consists of foreign exchange (FX) gains or losses and fair value gains on FX-linked collateralised securities.
Following a 6.5% Naira appreciation against the US Dollar in 2025 (versus a 71% devaluation in 2024), the Group recorded a net unrealised FX loss of ₦322.4 billion, compared with an unrealised gain of ₦859.4 billion in the prior year.
As a long-term asset manager, NSIA maintains assets across a diversified basket of currencies and markets to mitigate macroeconomic volatility and preserve long-term capital.
Additionally, the prior year’s non-core income included ₦618.3 billion in fair value gains from FX-linked collateralised securities, which did not recur in 2025.
The Authority maintained a well-controlled operating cost base, with the Cost-to-Income Ratio (CIR) remaining below 5%, rising modestly from 3.6% in 2024 to 4.2% in 2025.
While customary inflationary pressures contributed to the increase, the rise was primarily driven by the deliberate investments to operationalise and support the growth of two strategic portfolio companies, Medserve and Riple Energy.
