Nigeria Sovereign Investment Authority (NSIA) crossed the $3 billion net assets mark in the first half (H1) of 2025, highlighting stable balance sheet growth despite currency volatility and tight domestic financial conditions.
As of June 2025, NSIA had net assets of $3.10 billion, up from $1 billion initially. This translates to a compound annual growth rate of approximately 9.9 percent over a decade. Growth has been supported by government contributions and retained earnings from investment activities.
In the first half of 2025, core total comprehensive income increased six per cent year-on-year to N202.1 billion.
From portfolio investor to system builder
Established in 2011, the NSIA was originally designed as a stabilization and savings vehicle. Over time, its role has changed beyond portfolio investment to building platforms that aim to bridge structural gaps in key sectors.
In 2025, the Authority recorded a 100 percent score on the Global SWF Governance, Sustainability and Resilience Index and retained a 9 out of 10 rating on the Linaberg-Maduel Transparency Index.
Innovation financing is an area to which the NSIA has paid significant attention. In partnership with Japan International Cooperation Agency (JICA), NSIA launches a $28 million Impact Innovation Fund to support early-stage technology-driven businesses. Essentially, the fund blends concessional capital with NSIA financing and targets startups that address social and economic challenges.
It follows earlier efforts such as the NSIA Awards for Innovation, which has become a notable entry point for young founders. The most recent edition attracted over 5,000 applications and awarded over $250,000.
Healthcare also remains a major focus. Through its health care subsidiary, MedServe, NSIA partnered with the federal health ministry to upgrade oncology and nuclear medicine facilities. In 2025, three oncology centers were launched in teaching hospitals in Benin, Enugu and Katsina. Treatment of patients has started at some places.
As well as oncology infrastructure, NSIA has also invested in training. The $2 million oncology program, launched in 2024, aims to train 500 physicians across the country. According to reports, more than 180 health professionals have completed the special training so far.
Energy, Agriculture, Market-making
In the energy sector, NSIA has given priority to renewable and distributed power solutions. Its Renewable Investment Platform for Unlimited Energy (RIPLE) targets investments in solar, battery storage and diesel replacement value chains. The platform builds on the 10MW Kano Solar Project, currently Nigeria's largest grid-connected solar plant.
In 2025, NSIA also partnered with Africa50, the International Solar Alliance and Sustainable Energy for All to launch a distributed renewable energy fund. The fund is designed to mobilize private capital for mini-grid and off-grid projects in disadvantaged communities.
However, agriculture remains NSIA's longest-running intervention. Since taking over management of the Presidential Fertilizer Initiative in 2017, the number of operational blending plants has increased from four to more than 80. Cumulative fertilizer production is estimated to be around 130 million bags. In 2025, the program entered a transition phase under a new governance structure with the Ministry of Finance.
Housing was included in the NSIA's investment portfolio through the Renewed Hope Cities and Estates Initiative. In Kano, an affordable housing project supported by NSIA was about 75 percent complete by the third quarter of 2025 and was running ahead of schedule. The Authority has also supported housing finance institutions such as the Nigeria Mortgage Refinance Company and the Family Homes Fund.
Beyond physical assets, the NSIA has played a role in building financial market infrastructure. In 2025, it contributed to the N100 billion capitalization of the National Credit Guarantee Company, aimed at reducing lending risks and expanding access to credit for households and small businesses. It is based on older platforms such as Infracredit and Green Guarantee Company.
