NSIA Posts ₦525.3bn Core Income
…Asset Value Climbs to $3.4bn
By Patience Ikpeme
The Nigeria Sovereign Investment Authority (NSIA) has delivered a robust financial performance for the 2025 fiscal year, reporting a Core Operating Income of ₦525.3 billion.
This result marks 13 years of consecutive earnings expansion for the nation’s sovereign wealth fund, which has now grown its Net Asset Value to $3.40 billion.
Presenting the performance overview in Abuja on Thursday, the Authority detailed a year of significant balance sheet strengthening despite a volatile global macroeconomic landscape.
The 2025 figures show that the Group’s Net Asset Value in US Dollar terms increased by 19.8%, rising from $2.8 billion in 2024. This trajectory represents a 10.7% Compound Annual Growth Rate since the Authority began operations with its initial seed capital.
A significant shift in the 2025 accounts was the impact of the Naira’s performance. Following a 6.5% appreciation of the local currency against the US Dollar, the Group recorded a net unrealized foreign exchange loss of ₦322.4 billion. This stands in sharp contrast to 2024, when a 71% devaluation of the Naira resulted in an unrealized gain of ₦859.4 billion.
However, the Authority noted that as a long-term asset manager, it “maintains assets across a diversified basket of currencies and markets to mitigate macroeconomic volatility and preserve long-term capital”.
The core strength of the year’s performance came from a 138% increase in the returns of externally managed investment portfolios, which benefited from improved conditions in both developed and emerging markets. Interest income from financial assets also grew by 10%, a result of higher yields and increased volumes even as wider market rates saw cuts.
The Authority’s internal efficiency remained a focal point, with the cost-to-income ratio staying below the 5% threshold at 4.2%. Leadership noted that while inflation played a role, the modest rise in costs was “primarily driven by the deliberate investments to operationalise and support the growth of two strategic portfolio companies, Medserve and Riple Energy”.
Medserve, the NSIA’s oncology and healthcare platform, is currently expanding its network with eight additional centers under construction, aiming for a full network of 11 operational centers by the third quarter of 2026.
Simultaneously, the Riple Energy flagship advanced its renewable energy mandate, reaching a financial close on a 400MW solar PV module assembly plant in Ogun State to bolster local manufacturing.
The 2025 period also saw the NSIA conclude a decade-long era of stewardship over the Presidential Fertiliser Initiative (PFI). The Authority successfully completed the phased transfer of the program’s operations to the Ministry of Finance Incorporated. This transition is intended to foster “greater sustainability and increased private sector involvement in Nigeria’s fertiliser value chain”.
In the technology sector, the Authority is progressing with Kasi Cloud, an indigenous hyperscale data center platform. With a projected capacity of 32MW, the first phase of this digital infrastructure project is scheduled to begin operations in the second quarter of 2026.
The year’s results show that Core Total Comprehensive Income, which strips away the volatility of foreign exchange to show underlying business health, rose by 17.4% to ₦478.8 billion. The Authority stated that this “represents the net earnings generated during the year from the Group’s core business activities” and stands as the highest core income recorded since the NSIA’s inception.
Looking toward the future, the NSIA maintains that its diversified global portfolio and disciplined asset allocation provide a buffer against economic cycles. The 2025 performance indicates that the Authority is “well-positioned to continue growing core revenue streams, while maintaining balance sheet resilience, and deploying capital efficiently”.
