The Nigeria Sovereign Investment Authority (NSIA) which manages the country’s Sovereign Wealth Fund (SWF), has reported a sharp 91.3% decline in annual profit for 2025, a result primarily driven by the reversal of massive foreign exchange (FX) windfalls seen the previous year.
While the fund’s core investment engines remained stable, the lack of currency-related “paper gains” and a spike in administrative costs dragged the bottom line to $107 million, down from the $1.24 billion recorded in 2024.
The report highlights the “normalization” of the SWF’s earnings after a period of extreme currency volatility, shifting the focus back to the performance of its three core rings: the Stabilization Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund.
The Profit Bridge: From Windfall to Normalization
The massive delta in profit is almost entirely attributable to two non-core line items: Direct FX Losses and Fair Value Gains on FX-linked securities.
| Financial Metric | 2024 (USD) | 2025 (USD) | % Change |
| Core Operating Income | $328 Million | $349 Million | +6.2% |
| Net FX Gain / (Loss) | +$566.8 Million | ($214.2 Million) | -137.8% |
| Fair Value Gains (FX Securities) | $407.85 Million | $3.11 Million | -99.2% |
| Total Operating Income | $1.30 Billion | $137.9 Million | -89.4% |
| Profit for the Year | $1.24 Billion | $107 Million | -91.3% |
Source: NSIA 2025 Audited Financials
-
Steady Core: The 6.2% rise in core operating income suggests that the NSIA’s underlying portfolio of global and domestic assets is still yielding positive returns despite the global macro-volatility.
-
The FX Trap: In 2024, the NSIA benefited from a massive devaluation of the Naira, which inflated the value of its dollar-denominated holdings. In 2025, as the Naira found a relative “floor” and some FX-linked collateral matured, those gains reversed into a $214.2 million loss.
Operating Expenses: A 43% Jump
While revenue contracted, the cost of managing the authority saw a notable spike.
-
Administrative Load: Operating and administrative expenses rose to $17.29 million, a 43% increase from $12.06 million in 2024. This increase was led by a ramp-up of personnel expenses which surged by 48.6% to $5.338 million (N7.74 billion) in 2025 from $3.59 million (N5.38 billion) in 2024. Other drivers were General and administrative expenses of $3.95 million, up 60.5% in 2025. Group general expenses are made up of the Authority’s administrative expenses which include healthcare administrative cost, motor vehicle repairs and maintenance cost,
business meetings, licencing cost, security cost, fuel and diesel cost, risk and corporate governance cost etc. -
Equity Method Loss: The fund recorded a $7.19 million loss from investments accounted for using the equity method, pointing to some underperformance in its joint-venture infrastructure or healthcare projects.
 Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
