NSIA grows net assets to N4.88tn amid FX losses

Barbara Bako, Abuja.

The Nigeria Sovereign Investment Authority (NSIA) has reported a rise in its net asset value to N4.88tn for the 2025 financial year, underpinned by improved earnings, disciplined investment strategy and sustained growth across its portfolio.

The Managing Director, Aminu Umar-Sadiq, disclosed this on Thursday in Abuja during the presentation of the Authority’s financial statements, noting that total assets grew by 10.9 per cent year-on-year to N4.91tn.

In dollar terms, net assets increased by 19.8 per cent to $3.4bn, reflecting the strength of its diversified global portfolio and steady capital growth since inception.

The financial report showed that the Authority recorded a Core Total Comprehensive Income of N478.8bn and Core Operating Income of N525.3bn, highlighting resilience despite a challenging global and domestic economic environment.

Umar-Sadiq said profitability improved significantly, with Return on Equity rising to 10.5 per cent from 7.2 per cent in 2024, while Return on Assets increased to 9.9 per cent from 7.1 per cent.

He attributed the performance to stronger earnings quality and improved returns across asset classes.

Despite a net unrealised foreign exchange loss of N322.4bn due to the appreciation of the naira in 2025, the Authority maintained solid underlying performance, as core income excluding FX volatility grew by 17.4 per cent to its highest level since inception.

Providing a long-term outlook, he noted that the Authority has grown its net asset value from an initial $1bn seed capital to $3.4bn over 13 years, representing a compound annual growth rate of 10.7 per cent.

He said, “On a consistent basis for each of those 13 years, irrespective of our macro and micro financial conditions, the institution has always turned a profit.”

He added that the growth trajectory has been driven by prudent asset allocation, strong governance and a focus on long-term value creation.

The NSIA operates three core funds the Stabilisation Fund, the Future Generations Fund and the Nigeria Infrastructure Fund aimed at supporting economic stability, intergenerational savings and domestic infrastructure development.

Beyond its financial performance, the Authority expanded investments across key sectors including healthcare, energy, agriculture, housing and technology.

In healthcare, Umar-Sadiq said the Authority strengthened its oncology platform, MedServe, with plans to scale operations nationwide.

“We are hopeful that by Q3 this year, we should be in the process of operationalising and commissioning more centres,” he said, adding that eight additional centres are expected to come on stream.

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The Authority also secured a $24.3m concessional financing facility to enhance cancer and cardiac care services.

In the energy sector, NSIA intensified investments through its renewable energy platform, RIPLE, including plans for a 400MW solar module assembly plant in Ogun State. It also supported a 30MW embedded power project in Victoria Island, Lagos, aimed at improving electricity supply and reducing reliance on diesel.

To boost innovation, the Authority partnered with the Japan International Cooperation Agency to launch a $50m impact fund targeting Nigerian startups across sectors such as healthcare, agriculture, education and energy.

Umar-Sadiq said, “For each of our US dollars being deployed, we continue to attract between two to three dollars for the benefit of Nigeria’s infrastructure sector.”

In agriculture, the Authority advanced a temperature-controlled logistics network to reduce post-harvest losses, while also supporting affordable housing projects in Abuja and Kano.

Also speaking, the Chief Financial Officer, Victor Sesere, said the Authority exceeded its performance targets, with total revenue rising by six per cent and total comprehensive income increasing by 68 per cent compared to 2024.

“We did not only surpass our prior year performance, but we also exceeded our set target for 2025,” he said, adding that returns on equity remained above 10 per cent.

The Chief Investment Officer, Kolawole Owodunni, attributed the performance to strategic positioning amid macroeconomic developments, including currency stabilisation, tight monetary policy and strong returns from technology-linked investments.

Despite increased investments, the Authority maintained cost discipline, with its cost-to-income ratio at 4.2 per cent, one of the lowest in the industry.

The management noted that the 2025 performance reflects a deliberate strategy to balance financial returns with measurable economic impact, while sustaining long-term growth and capital preservation for future generations.