The Nigeria Sovereign Investment Authority (NSIA) recorded a sharp decline in profit for the 2025 financial year as the foreign exchange windfall that boosted its earnings in the previous year failed to recur.
According to the Authority’s 2025 Special Purpose US Dollar Consolidated and Separate Financial Statements, profit for the year fell drastically to $107m, representing a 91 per cent drop from the $1.24bn recorded in 2024.
The steep fall was largely attributed to the disappearance of gains linked to the naira’s devaluation, which had significantly inflated the Authority’s earnings in the prior year.
In 2024, the NSIA recorded a foreign exchange gain of $566.9m, driven by the volatility and weakening of the naira. However, the 2025 report shows that such non-core gains cooled considerably.
The financial filing stated, “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 factor behind the decline was the sharp drop in gains from foreign exchange-linked collateralised securities, which swung by about $405m. While these instruments generated $407.9m in 2024 due to their direct linkage to movements in the naira/dollar exchange rate, they produced only $3.1m in 2025.
The Authority’s diversified investment portfolio also faced challenges in other areas. The group’s share of profit from equity-method investments shifted from a $28.4m gain in 2024 to a $7.2m loss in 2025.
Similarly, revenue from agricultural infrastructure operations dropped to zero after contributing $76.42m in 2024.
Despite the sharp fall in net profit, the NSIA reported stronger performance in its core operations. Total interest income rose to $197.3m from $177.8m in the previous year, while core operating income increased by six per cent to $349.07m.
The Authority’s balance sheet also strengthened during the year, with total assets growing to $3.42bn from $2.88bn in 2024. The increase was supported by additional government contributions, which rose to $2.06bn.
Reflecting on the volatility that shaped its recent performance, the Authority noted that the weakened naira in 2024 significantly boosted the value of its US dollar-denominated portfolio, leading to the exceptional foreign exchange gains recorded that year.
With retained earnings now standing at $5.0bn, the NSIA said it remains focused on managing Nigeria’s excess crude oil funds for long-term stability despite the absence of the previous year’s windfall gains.
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