The Nigeria Sovereign Investment Authority recorded a sharp contraction in its bottom-line performance for the 2025 fiscal year, as the massive foreign exchange gains that bolstered its previous year’s results failed to repeat.
According to the 2025 Special Purpose US Dollar Consolidated and Separate Financial Statements, the Authority’s profit for the year plummeted to $107m, representing a 91 per cent drop from the $1.24bn reported in 2024.
The downturn is primarily attributed to the disappearance of a “devaluation windfall.” In 2024, the NSIA benefited from a $566.9m foreign exchange gain driven by the volatility of the naira. However, the 2025 report highlights a significant cooling of these non-core gains.
In the official financial filing, the Authority detailed the impact of shifting market conditions: “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.”
A major driver of this decline was the collapse of gains from foreign exchange-linked collateralised securities, which experienced a staggering $405m swing. Discussing these instruments, the report noted, “These instruments gained $407.9m in 2024 as they were directly linked to the naira/dollar rate movement. In 2025, they generated just $3.1m.”
Beyond currency-related factors, the Authority’s diversified portfolio faced headwinds in other sectors. Notably, the group’s share of profit from equity-method investments swung from a $28.4m gain to a $7.2m loss, while revenue from one key pillar vanished entirely:
“The group recorded $76.42m in agriculture infrastructure operating revenue in 2024 and zero in 2025.”
Despite the drop in net profit, the NSIA’s core operations remained resilient. Total interest income grew to $197.3m, up from $177.8m in 2024, and core operating income rose by six per cent to $349.07m.
The Authority also reported a strengthened balance sheet, with total assets rising to $3.42bn from $2.88bn in the previous year. This growth was supported by increased government contributions, which reached $2.06bn.
Reflecting on the volatility of the non-core portfolio, the filing underscored the impact of the prior year’s naira devaluation: “In 2024, NSIA booked a $566.9 million foreign exchange gain… [as] the weakened naira enhanced the value of its US dollar-denominated portfolio.”
With retained earnings now standing at $5.0bn, the NSIA continues to manage Nigeria’s excess crude oil funds with a focus on long-term stability, even as it navigates a post-windfall financial landscape.
