The Nigeria Sovereign Investment Authority (NSIA) grew its total assets to N4.91 trillion in 2025 despite currency volatility and shifting global economic conditions.

While presenting the 2026 NSIA earnings in Abuja yesterday, the Managing Director and Chief Executive Officer of the NSIA, Aminu Umar-Sadiq, said the organisation recorded core total comprehensive income (TCI) of N478.8 billion, representing a 17.4 per cent increase from N408 billion in 2024, while core operating income rose to N525.3 billion, up 5.5 per cent year-on-year.

Also, the total assets expanded by 10.9 per cent from N4.42 trillion to N4.91 trillion, supported by fresh capital inflows of N360.8 billion and strong earnings from diversified investments.

He further explained that in dollar terms, the balance sheet growth was even more pronounced. Net asset value climbed 19.8 per cent to $3.4 billion, reflecting both improved portfolio performance and capital injections of $241.2 million during the year.

According to its financials, NSIA’s profitability ratios improved significantly, with Return on Equity rising to 10.5 per cent from 7.2 per cent and return on assets increasing to 9.9 per cent from 7.1 per cent, signalling stronger earnings efficiency across its global portfolio.

However, foreign exchange movements affected the financial performance as the 6.5 per cent appreciation of the naira in 2025, compared with the sharp 71 per cent devaluation in 2024, resulted in a net unrealised FX loss of ₦322.4 billion. This contrasts sharply with the N859.4 billion FX gain recorded in the previous year.

The absence of N618.3 billion in fair value gains from FX-linked securities, which boosted 2024 earnings, also contributed to the shift in non-core income.

Providing a clearer picture of underlying performance, the NSIA boss emphasised its Core TCI metric, which excludes FX volatility.

On this basis, 2025 marked the Authority’s strongest earnings year since inception.

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 per cent.

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 per cent in performance contribution during the year.

Operating efficiency remained strong, with the cost-to-income ratio at 4.2 per cent, slightly higher than 3.6 per cent in 2024 but still well below industry benchmarks.

The modest increase reflects strategic investments in healthcare and renewable energy platforms, notably Medserve and Riple Energy, as well as non-recurring expenditures such as hosting the Africa Sovereign Investors’ Forum.

Beyond financial returns, NSIA said it will continue to expand 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 cut 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.

To deepen financial markets, NSIA committed ₦25 billion to the National Credit Guarantee Company and invested ₦16 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.

Umar-Sadiq stressed that looking ahead, NSIA will keep prioritising diversified investments, stable income streams, and catalytic projects aimed at unlocking growth across key sectors of the Nigerian economy.