Nigeria wealth fund reports 59% growth in profit

• Published On: 01 April 2025 at 19:28

The Nigeria Sovereign Investment Authority reported a 59% increase in profit for the fiscal year ending in December, owing to higher earnings from investment securities and foreign exchange gains.

According to an email statement sent on Tuesday, the profit totalled 1.89 trillion naira ($1.2 billion).

Founded in 2011, the NSIA manages and invests Nigeria's revenue in excess of its allocated crude oil earnings.

In 2024, the authority's net assets nearly doubled, rising 96% to 4.35 trillion naira.

These funds were invested in both foreign and domestic debt and equity securities.

The NSIA also reported a 60% increase in net foreign exchange gains, which totalled 859.4 billion naira.

Furthermore, the net gains on financial assets increased by 27%.

According to a separate statement from the Abuja-based wealth fund, the fund's gains were primarily driven by its diversified investment portfolio, infrastructure assets, and favourable foreign exchange movements, as well as derivative valuations.

Furthermore, the naira's 70% depreciation against the dollar since 2023 has significantly boosted foreign-exchange gains.