Nigeria Sovereign Investment Authority (NSIA) recorded a sharp decline in profit for the 2025 fiscal year as extraordinary foreign exchange gains that boosted the previous year’s results did not recur.
According to the Authority’s 2025 Special Purpose US Dollar Consolidated and Separate Financial Statements, profit for the year dropped to $107m, representing a 91 per cent fall from the $1.24bn reported in 2024.
The dramatic decline was largely linked to the absence of gains from currency volatility that had significantly lifted earnings the previous year.
In 2024, the sovereign wealth fund recorded a $566.9m foreign exchange gain, largely driven by the sharp weakening of the naira. However, the 2025 financial report indicated that these non-core gains cooled significantly as currency movements stabilised.
“The 2025 Special Purpose US Dollar Consolidated and Separate Financial Statements for the period showed a decline in profit to $107m from $1.24bn in 2024,” the Authority stated in its official filing.
One of the most significant changes occurred in the performance of foreign exchange-linked collateralised securities. These instruments experienced a dramatic swing of about $405m year-on-year.
The report explained that these securities had generated $407.9m in gains in 2024 due to their direct exposure to the naira–dollar exchange rate. In contrast, they produced only $3.1m in gains in 2025.
Beyond currency-related factors, the Authority’s diversified investment portfolio also faced pressure across several segments.
The group’s share of profit from equity-method investments declined sharply, moving from a $28.4m gain in 2024 to a $7.2m loss in 2025.
In addition, revenue from agriculture infrastructure operations dropped significantly. The report noted that the group recorded $76.42m in agriculture infrastructure operating revenue in 2024, but no revenue was recorded in 2025 from the segment.
Despite the steep drop in net profit, the Authority’s underlying operations showed resilience during the year.
Total interest income increased to $197.3m, up from $177.8m in 2024, while core operating income rose by six per cent to $349.07m.
The Authority also strengthened its balance sheet during the period. Total assets grew to $3.42bn, compared with $2.88bn in the previous year, supported by increased government contributions that reached $2.06bn.
The financial report highlighted how the sharp naira devaluation in 2024 had temporarily inflated returns from the fund’s dollar-denominated assets.
“In 2024, NSIA booked a $566.9 million foreign exchange gain… [as] the weakened naira enhanced the value of its US dollar-denominated portfolio,” the filing noted.
With retained earnings standing at $5.0bn, the NSIA said it remains focused on its long-term mandate of managing Nigeria’s excess crude oil savings and investing in diversified assets that support economic stability.
