NSIA Achieves Record N478.8 Billion Operating Income Amid Asset Growth to N4.9 Trillion
The Nigeria Sovereign Investment Authority (NSIA) has announced a significant financial milestone, with its total assets climbing to N4.91 trillion in 2025, representing a robust 10.9% increase from N4.42 trillion in the previous year. This growth occurred despite ongoing currency volatility and shifting global economic conditions, underscoring the fund's resilience and strategic management.
Financial Performance Highlights
During the presentation of the 2026 NSIA earnings in Abuja, Managing Director and Chief Executive Officer Aminu Umar-Sadiq revealed that the organization recorded a core total comprehensive income (TCI) of N478.8 billion. This marks a 17.4% rise from N408 billion in 2024, while core operating income increased by 5.5% year-on-year to N525.3 billion. The expansion in assets was supported by fresh capital inflows of N360.8 billion and strong earnings from diversified investments.
In dollar terms, the balance sheet growth was even more pronounced, with net asset value surging 19.8% to $3.4 billion. This improvement reflects both enhanced portfolio performance and capital injections of $241.2 million during the year. NSIA's profitability ratios also showed significant gains, with Return on Equity rising to 10.5% from 7.2% and Return on Assets increasing to 9.9% from 7.1%, indicating stronger earnings efficiency across its global portfolio.
Impact of Foreign Exchange Movements
However, foreign exchange dynamics posed challenges to the financial performance. The 6.5% appreciation of the naira in 2025, compared to a sharp 71% devaluation in 2024, resulted in a net unrealised foreign exchange loss of N322.4 billion. This contrasts sharply with the N859.4 billion foreign exchange gain recorded in the previous year. Additionally, the absence of N618.3 billion in fair value gains from foreign exchange-linked securities, which boosted 2024 earnings, contributed to a shift in non-core income.
To provide a clearer picture of underlying performance, Umar-Sadiq emphasized the Core TCI metric, which excludes foreign exchange volatility. On this basis, 2025 marked the Authority's strongest earnings year since its inception, highlighting sustained operational success.
Sustained Growth Trajectory and Strategic Investments
Since its establishment, NSIA has maintained a consistent growth trajectory, recording 13 consecutive years of earnings expansion. From an initial capital base of $1 billion, later increased to $2.06 billion, the fund has grown its net assets to $3.4 billion, delivering a compound annual growth rate (CAGR) of 10.7%. This sustained expansion has been driven by diversified asset allocation, increased exposure to global markets, and rising returns from externally managed portfolios, which grew by 138% in performance contribution during the year.
Operating efficiency remained strong, with the cost-to-income ratio at 4.2%, slightly higher than 3.6% in 2024 but still well below industry benchmarks. The modest increase reflects strategic investments in healthcare and renewable energy platforms, such as Medserve and Riple Energy, as well as non-recurring expenditures like hosting the Africa Sovereign Investors' Forum.
Expansion into Critical Sectors
Beyond financial returns, NSIA is expanding its footprint in critical sectors of the Nigerian economy. In healthcare, its Medserve platform is scaling up to 11 diagnostic and cancer centres nationwide, with eight new facilities expected to become operational by the third quarter of 2026. In energy, the Authority is advancing renewable projects under its Riple platform, including a solar manufacturing initiative and distributed clean energy systems designed to reduce diesel use and emissions.
The fund also backed innovation through a $50 million partnership with the Japan International Cooperation Agency (JICA), aimed at financing startups across agriculture, healthcare, and technology. In agriculture, NSIA progressed a $25 million cold-chain logistics project to reduce post-harvest losses, while its long-running fertiliser programme—credited with delivering over 128 million bags since 2016—has now been transitioned to the Ministry of Finance Incorporated.
Support for Financial Markets and Housing Initiatives
To deepen financial markets, NSIA committed N25 billion to the National Credit Guarantee Company and invested N16 billion in a real estate investment trust to support commercial property development. It also supported the Federal Government's housing initiative with financing for early-stage projects, targeting 100,000 affordable homes nationwide.
Looking ahead, Umar-Sadiq stressed that NSIA will continue to prioritize diversified investments, stable income streams, and catalytic projects aimed at unlocking growth across key sectors of the Nigerian economy, reinforcing its role as a pivotal driver of national development.
