NSIA Grows Net Asset Value to $3.40 billion in 2025
Nigeria Sovereign Investment Authority(NSIA) has announced it’s 2025 Group Financial Performance posting a net Asset value of $3.40 billion, representing a 10.7% Compound Annual Growth Rate.
The report showed that the 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
In the latest report by the ‘Authority’, the track record underscores NSIA’s strong financial stewardship and long-term value creation, underpinned by disciplined asset allocation, diversified investments, and strong risk management that ensure resilience across multiple economic cycles.
NSIA also reported Core Operating Income of ₦525.3 billion and Core Total Comprehensive Income (TCI) of ₦478.8 billion for the full year ended 2025.
Since inception, NSIA has delivered consistent growth, achieving 13 consecutive years of earnings expansion and asset accumulation. From an initial $1 billion seed capital, augmented by additional contributions of $1.06 billion (totaling $2.06 billion contribution).
According to the report,
NSIA delivered robust performance in 2025 despite prevailing macroeconomic volatility both locally and globally, as well as heightened geopolitical tensions.
On return on Equity and Return on Assets, the Group delivered a marked improvement in profitability in 2025, with Return on Equity (USD) rising to 10.5%, up from 7.2% in 2024. Similarly, Return on Assets (USD) increased to 9.9%, compared with 7.1% in the prior year. This improvement reflects the resilience and effectiveness of NSIA’s diversified, global investment portfolio, which continued to generate stable earnings and drive sustainable long-term value despite a dynamic macroeconomic environment.
Core operating income rose from ₦498.0 billion ($328.5 million) in the prior year to ₦525.3 billion ($349.1 million) in 2025, reflecting the Authority’s deliberate efforts to actively deploy capital across diverse asset classes. 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. Additionally, interest income from financial assets increased by 10%, reflecting higher yields and increased volumes, despite market rate cuts.
Other components of core operating income include Infrastructure revenues from Agriculture and Healthcare businesses. As part of its planned exit from the Presidential Fertilizer Initiative (PFI) and in line with the market-driven Phase II model of PFI, NSIA successfully completed the phased transfer of operatorship to the Ministry of Finance Incorporated (MoFI) between 2024 and 2025. This transition impacted agriculture infrastructure revenues but aligns with NSIA’s strategic goal of promoting long-term sustainability and deepening private sector participation across the fertilizer value chain.
On Non-Core Operating Income, the group said the revenue line is comprised of foreign exchange (FX) gains or losses and fair value gains on FX-linked collateralised securities.
Meanwhile, 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 ₦322.4 billion, compared with an unrealised gain of ₦859.4 billion in the prior year. As a long-term asset manager, NSIA maintains assets across a diversified basket of currencies and markets to mitigate macroeconomic volatility and preserve long-term capital.
Additionally, the prior year’s non-core income included ₦618.3 billion in fair value gains from FX-linked collateralised securities, which did not recur in 2025.
The Authority 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. While customary inflationary pressures contributed to the increase, the rise was primarily driven by the deliberate investments to operationalise and support the growth of two strategic portfolio companies, Medserve and Riple Energy.
1.Medserve – NSIA’s Oncology Platform: The platform consolidated three 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.
3.Some of the cost increases stem from non-recurring strategic initiatives, 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 infrastructure, and the development of institutional and human capacity improved operational efficiency and strengthened long-term institutional capability.
In 2025, NSIA said it continued to advance its dual mandate of delivering sustainable financial returns while driving tangible economic impact through investments in critical sectors of the Nigerian economy. The Authority played catalytic roles in mobilising capital, strengthening infrastructure, and supporting innovation across healthcare, energy, technology, agriculture, and capital markets. Key highlights include:
Catalysing Innovation and Entrepreneurship:
NSIA–JICA Impact Innovation Fund: NSIA, working with the Japan International Cooperation Agency (JICA) launched a US$50 million innovation fund to support high-impact Nigerian startups. Backed by US$20 million from NSIA and a US$14 million grant from the Government of Japan, with an additional US$16 million expected from development finance institutions, the fund will provide flexible financing to startups in sectors such as agriculture, healthcare, education, energy, and water management.
NSIA Prize for Innovation (NPI): In partnership with the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC) and Cascador, NSIA held the third edition of the programme (NPI 3.0). Supported by a US$5.9 million commitment over five years (starting in 2023), the initiative aims to identify, support, and scale innovative technology solutions developed by Nigerian entrepreneurs.
NSIA is advancing Nigeria’s digital infrastructure through Kasi Cloud, an indigenous hyperscale data centre platform expected to reach approximately 32MW capacity at completion. The platform will support cloud services, and digital infrastructure, positioning Nigeria within Africa’s growing data centre market. Phase I of the project is scheduled to commence operations in Q2 2026.
Expanding Access to Advanced Healthcare:
Medserve Expansion: Through its healthcare platform MedServe, NSIA secured a US$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 radiotherapy-enabled 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.
National Oncology Initiative: NSIA continued the implementation of the Federal Ministry of Health’s Oncology Initiative, aimed at expanding access to quality cancer care. The initiative upgrades oncology facilities in teaching hospitals across Nigeria, providing advanced infrastructure to support early detection, accurate diagnosis, and effective treatment. Three centres (Katsina, Benin, and Enugu) were completed in July 2025, while work on the remaining three (Lagos, Plateau, and Kaduna) will commence once funding is secured.
Accelerating Renewable Energy and Power Infrastructure:
Distributed Renewable Energy Platform: NSIA continues to play a catalytic role in expanding access to clean energy through the Distributed Renewable Energy (DRE) Nigeria Fund. The Fund is designed to mobilise critical capital to develop Nigeria’s DRE ecosystem and accelerate project deployment, leveraging a blended finance model and local currency structure to unlock investment at scale.
As Co-General Partners, NSIA and Africa50 have committed capital and successfully mobilised additional funding from the World Bank and the International Solar Alliance through the $200 million Africa Solar Facility, while advancing discussions with other co-investment partners to further scale the platform.
Victoria Island Power Project: NSIA supported the development of a 30MW gas-fired embedded power plant in Victoria Island, providing a US$9 million project loan. Once operational, the project is expected to reduce dependence on diesel generation and improve power supply to commercial users within the locality.
Renewables Investment Platform for Limitless Energy (RIPLE): NSIA advanced RIPLE, its US$25 million flagship renewable energy platform, established to develop, finance, and operate projects across generation, distribution, and manufacturing.
In 2025, RIPLE partnered with EM-ONE Energy Solutions to deliver a clean energy plant at the MedServe-LUTH Cancer Centre under an Energy-as-a-Service model, providing reliable power with no upfront cost. The project aims to cut diesel use by about 250,000 litres annually, avoid up to 663 tonnes of CO₂ emissions, and lower operating costs, with plans to replicate the model across other 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.
Strengthening Financial Market Infrastructure:
National Credit Guarantee Company (NCGC): NSIA committed ₦25 billion for a 25% equity stake in NCGC, with ₦10 billion deployed as the first tranche. The initiative aims to expand access to credit for Nigerian businesses, particularly MSMEs, through guarantee and risk-sharing mechanisms, supporting business growth, job creation, and broader economic development.
Nigeria Real Estate Investment Trust (NREIT) Series IV: NSIA participated by investing ₦16 billion in Chapel Hill Denham’s NREIT Series IV issuance, supporting the development of income-generating commercial real estate assets. This investment helps deepen domestic capital markets and promotes greater institutional participation in Nigeria’s real estate sector.
Strengthening the Agricultural Ecosystem:
Temperature Controlled Logistics: In collaboration with AFC, NSIA progressed with a scalable cold-chain platform designed to provide 15,000 pallet spaces of temperature-controlled storage across strategic locations including Lagos, Kaduna, Kano, Benue, and Plateau. With a US$25 million capital commitment from NSIA, the project aims to strengthen food supply chains, reduce post-harvest losses, and support economic diversification and job creation.
Transition of the Presidential Fertiliser Initiative (PFI): NSIA successfully transitioned the Presidential Fertiliser Initiative (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 increased private sector involvement in Nigeria’s fertiliser value chain.
Expanding Access to Affordable Housing:
NSIA supported the Federal Government’s Renewed Hope Cities and Estates Initiative, aimed at delivering 100,000 affordable homes nationwide. Key projects include Karsana City (Abuja) and Janguza Kana (Kano), expanding access to homeownership while driving growth in the housing sector. NSIA facilitated a ₦15 billion loan to support early-stage execution of the project in Kano.
NSIA’s 2025 financial results reaffirm its strong track record in delivering financial returns, strategic national impact, and intergenerational wealth creation.
