Nigeria Sovereign Investment Authority – 2025 Earnings Report  

• Marking 13 Years of Disciplined Growth
  Since inception, The Nigeria Sovereign Investment Authority (NSIA) has achieved 13 consecutive years of earnings and asset growth. Starting with $1 billion in seed capital and an additional $1.06 billion in contributions, its Net Asset Value has grown to $3.40 billion, reflecting a 10.7% CAGR. This performance reflects disciplined asset allocation, diversified investments, and strong risk management, ensuring resilience across economic cycles.

• 2025 Financial Result Overview
  NSIA reported Core Total Comprehensive Income of ₦478.8 billion for the year ended 2025, delivering strong performance despite domestic and global macroeconomic volatility and heightened geopolitical tensions. Key financial metrics are summarised below:

• Total Assets (NGN): Total assets rose 10.9% year-on-year to ₦91 trillion ($3.42 billion) in 2025, supported by ₦360.8 billion in capital contributions and ₦478.8 billion in core earnings. Growth was driven by strategic asset allocation, efficient liquidity use, a 35.8% increase in investment securities, and improved returns across multiple asset classes, strengthening the balance sheet.
• Net Asset Value/Equity (USD): The Group’s net asset value in USD increased by 19.8%, from $2.8 billion in 2024 to $3.4 billion in 2025. This growth 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. The increase underscores NSIA’s capacity to preserve and grow long-term shareholder value.
• Return on Equity and Return on Assets (USD): In 2025, NSIA’s profitability improved, with ROE rising to 10.3% (from 7.2% in 2024) and ROA increasing to 9.9% (from 7.1%). This reflects the resilience and effectiveness of its diversified global investment portfolio in generating stable, long-term value.
• Core operating income (NGN): Core operating income grew to ₦3 billion ($349.1 million) from ₦498.0 billion ($328.5 million) in 2024. 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.

Other drivers include Infrastructure revenues from Agriculture and Healthcare businesses. As part of its planned exit from the Presidential Fertilizer Initiative (PFI) under the market-driven Phase II model, NSIA completed the phased transfer of operatorship to the Ministry of Finance Incorporated (MoFI) in 2025. This transition impacted agriculture infrastructure revenues but aligned with the government’s strategy to promote long-term sustainability and private sector participation across the fertilizer value chain.

• Non-Core Operating Income: This comprises foreign exchange (FX) gains or losses and fair value gains on FX-linked collateralised securities, reflecting the Nigerian Naira as the statutory presentation currency. As a long-term asset manager, NSIA maintains a diversified multi-currency, multi-market portfolio to mitigate macroeconomic volatility and preserve long-term capital.

1. 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 ₦4 billion, compared with an unrealised gain of ₦859.4 billion in the prior year.
2. Additionally, the prior year’s non-core income included ₦3 billion in fair value gains from FXlinked collateralised securities, which did not recur in 2025.

• Total Operating cost: NSIA 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 The increase reflects both customary inflationary pressures and strategic investments in two portfolio entities’ growth.
  1. Medserve – NSIA’s Oncology Platform: The platform consolidated 3 existing Diagnostics and Cancer Centres, with an additional 8 centres currently under construction. The full network of 11 centres is expected to be operational by Q3 2026, significantly enhancing frontline healthcare delivery through improved early detection, advanced diagnostics, and specialised care services.
  2. RIPLE Energy Platform – NSIA’s Renewable Energy Flagship: The platform expanded its operations during the year and made further investments in two additional entities. It remains focused on increasing energy access and improving energy efficiency across Nigeria, with plans for broader deployment across Africa.

Cost growth also included non-recurring items, such as hosting the 2025 Africa Sovereign Investors’ Forum (ASIF), which reinforced NSIA’s continental leadership and advanced cross-border investment collaboration. In addition, targeted investments in systems, governance, and institutional capacity to strengthen long-term operational effectiveness.

• Core total comprehensive Income (Core TCI): This important performance measure excludes the impact of foreign exchange volatility from the reported Total Comprehensive Income to provide a clearer view of the Group’s underlying performance. It represents net earnings from core business activities. In 2025, Core TCI rose 17.4% YoY, from ₦0 billion ($190.2 million) to ₦478.8 billion ($320.2 million). This is the highest Core TCI since inception, in both Naira and US Dollar terms, reflecting strong core performance.
• 2025 Impact Highlights
  In 2025, NSIA advanced its dual mandate of delivering sustainable financial returns and promoting tangible economic impact across critical sectors. NSIA catalysed capital mobilisation, strengthened infrastructure, and supported innovation in healthcare, energy, technology, agriculture, and capital markets.

1. Catalysing Innovation and Entrepreneurship:
   1. NSIA–JICA Impact Innovation Fund: NSIA, in partnership with the Japan International Cooperation Agency (JICA), launched a $50 million fund to support high-impact Nigerian startups. The fund, comprising $20 million from NSIA, a $14 million Japanese government grant, and an expected $16 million from development finance institutions, provides flexible financing for startups in agriculture, healthcare, education, energy, and water management.
   2. NSIA In collaboration with the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC) and Cascador, held the third edition of NSIA Prize for Innovation (NPI 3.0). With a $5.9 million commitment over five years from 2023, the programme identifies, supports, and scales innovative Nigerian technology solutions.

2. Expanding Access to Advanced Healthcare:
   1. Medserve Expansion: Through its healthcare platform MedServe, NSIA secured a $24.3 million concessional facility from the World Bank’s International Development Association (IDA) and the International Finance Corporation (IFC) to expand diagnostic, cancer care, and cardiac services across Nigeria. The programme includes the rollout of additional radiotherapyenabled cancer centres and cardiac catheterisation laboratories, backed by long-term equipment partnerships with GE HealthCare and Siemens Healthineers. Eight additional centres are set to become operational by Q3 2026.
   2. National Oncology Initiative: NSIA continued implementing the Federal Ministry of Health’s fully funded Oncology Initiative, enhancing access to oncology care by upgrading teaching hospital facilities across the six geo-political zones. The upgrades support early detection, accurate diagnosis, and effective management of oncology. Three centres (Katsina, Benin, and Enugu) were completed in July 2025, with the remaining three (Lagos, Plateau, and Kaduna) planned once funding is secured.

3. Accelerating Renewable Energy and Power Infrastructure:
   
   1.  Distributed Renewable Energy (DRE) Platform: NSIA continues to catalyse clean energy access through the Distributed Renewable Energy (DRE) Nigeria Fund, mobilising capital to develop the DRE ecosystem and accelerate project deployment. Using a blended finance model and local currency structure, the Fund attracts large-scale investment. As Co-General Partners, NSIA and Africa50 have committed capital and secured additional funding from the World Bank and the International Solar Alliance via the $200 million Africa Solar Facility, while engaging other co-investors to expand the platform.
   2.  Victoria Island Power Project: NSIA provided a $9 million loan for a 30MW gas-fired embedded power plant in Victoria Island. Once operational, it will reduce diesel reliance and improve power supply for commercial users in the area.
   3.  Renewables Investment Platform for Limitless Energy (RIPLE): In 2025, RIPLE partnered with EMONE Energy Solutions to deliver a clean energy plant at the MedServe-LUTH Cancer Centre under an Energy-as-a-Service model, offering reliable power with no upfront cost. The project reduces diesel use by about 250,000 litres annually and lowers operating costs, with plans to replicate the model across MedServe facilities nationwide. RIPLE also reached financial close on a 400MW solar PV module assembly plant in Ogun State to boost local manufacturing and support Nigeria’s shift to sustainable energy.

1. Strengthening Financial Market Infrastructure:
   
   1. National Credit Guarantee Company (NCGC): NSIA committed ₦25 billion for a 25% equity stake, deploying ₦10 billion in the first tranche, to expand credit access for Nigerian MSMEs through guarantee and risk-sharing mechanisms, driving SME growth, job creation, and economic development.
   2. Nigeria Real Estate Investment Trust (NREIT) Series IV: NSIA invested ₦16 billion in Chapel Hill Denham’s NREIT Series IV, supporting income-generating commercial real estate, deepening domestic capital markets, and encouraging institutional participation in Nigeria’s real estate sector.

5. Strengthening the Agricultural Ecosystem:
   1. Temperature Controlled Logistics: In partnership with AFC, NSIA advanced a scalable coldchain platform providing 15,000 pallet spaces across Lagos, Kaduna, Kano, Benue, and Plateau. With a $25 million investment, the initiative enhances food supply chains, reduces post-harvest losses, and drives economic diversification and job creation.
   2. Presidential Fertiliser Initiative (PFI) Transition: NSIA successfully transitioned the PFI to the Ministry of Finance Incorporated (MOFI) after nearly a decade of stewardship that transformed Nigeria’s fertiliser value chain. Since 2016, the programme expanded blending plants from 4 to over 80 nationwide and delivered more than 128 million bags of fertiliser to farmers. The transition aims for greater sustainability and private sector participation.

6. Expanding Access to Affordable Housing:
   NSIA supported the Federal Government’s Renewed Hope Cities and Estates Initiative, targeting 100,000 affordable homes nationwide. Key projects include Karsana City (Abuja) and Janguza Kana (Kano), with NSIA facilitating a ₦15 billion loan to kickstart the Kano project, boosting homeownership and housing sector growth.

Conclusion and Key Takeaway

NSIA’s 2025 results reaffirm its strong record of financial returns, national impact, and intergenerational wealth creation. NSIA is well-positioned to grow core revenues, maintain balance sheet resilience, and deploy capital efficiently. Its focus on portfolio diversification, risk-adjusted returns, and catalytic investments will continue to deliver transformative, economy-wide impact across the Stabilisation, Infrastructure, and Future Generations mandates.