As Nigeria enters the second week of 2026, the Nigeria Sovereign Investment Authority is under renewed scrutiny over what market observers describe as a material reporting lag, according to research by MoneyCentral.
While the Authority has publicly stated that it crossed a $3.10 billion net asset milestone in June 2025, that claim has not been accompanied by updated, independently verifiable financial statements.
As things stand, the most detailed publicly available financial data remains limited to Q1 2025, leaving analysts, policymakers, and investors working with information that is now nearly a year old.
For an institution positioned as Nigeria’s long-term capital steward—and often cited as a benchmark for governance among state-owned entities—the absence of timely disclosures has become difficult to ignore.
Q1 2025: The Last Clear Financial Snapshot
The most granular data available—Q1 2025 financials published on the NSIA website and analysed by MoneyCentral—painted a sharply weaker earnings picture.
According to those filings:
- Profit fell by 97% year-on-year, declining to ₦30.58 billion ($20 million) in Q1 2025, from ₦1.185 trillion ($790 million) in Q1 2024.
- The collapse was driven largely by losses from hedge fund and trading strategies, as well as the absence of non-recurring foreign exchange revaluation gains that had boosted the prior year’s numbers.
- NSIA reported a fair value loss on financial assets of ₦43.93 billion, compared with gains of ₦573.8 billion in Q1 2024.
The losses were broken down as follows:
- ₦21.69 billion unrealised fair value losses on collateralised securities
- ₦10.7 billion realised losses on collateralised securities (net of derivative costs)
- ₦11.56 billion loss from fair value changes on private equity, hedge funds, and other securities
These figures remain the last audited datapoint available to the market.
A Transparency Paradox: High Scores, Slow Disclosure
On paper, NSIA continues to score well on global benchmarks.
- The Authority maintains a 9/10 score on the Linaburg-Maduell Transparency Index.
- It also recorded a 100% score on the 2025 Global SWF Governance, Sustainability, and Resilience (GSR) Index.
Yet in practice, the timeliness of its disclosures lags behind both global leaders and some regional peers.
By comparison:
- Public Investment Fund (Saudi Arabia) provides more frequent, structured updates and public dashboards.
- Ithmar Capital offers clearer and more regular communication around portfolio performance and strategic priorities.
The contrast underscores a growing gap between formal governance ratings and real-world information accessibility.
Analysts Still Modelling 2026 with 2025 Numbers
The practical consequence of the delay is that, in early 2026, analysts are still forced to rely on annualised projections extrapolated from Q1 2025 data.
This is not a trivial issue. NSIA plays a central role in:
- Nigeria’s external buffers
- Infrastructure co-investment
- Domestic institutional capital formation
Outdated financials weaken market confidence, complicate policy analysis, and blur the assessment of Nigeria’s broader fiscal resilience.
Why the Reporting Delay?
Analysts cited by MoneyCentral point to several structural factors that may explain—but not fully justify—the slower reporting cycle.
- Transition from Fund Manager to Asset Manager
NSIA has evolved beyond a traditional portfolio investor into a hands-on asset manager, overseeing complex real-sector projects such as:
- The Renewed Hope Cities programme (reportedly 75% complete in Kano)
- The MedServe healthcare rollout
Consolidating infrastructure assets and project-level cash flows is inherently more complex than marking listed securities to market.
- Currency and Accounting Complexity
With assets largely denominated in dollars but reporting done in naira, auditors face heightened scrutiny around separating:
- Core operating earnings
- FX revaluation gains or losses
This can lengthen audit timelines, particularly in volatile FX environments.
- Communication Gaps
Beyond technical explanations, analysts also cite weak external communication. Even interim updates or unaudited summaries—common among peer funds—have been largely absent.
The Broader Issue: Credibility Is About Speed, Not Just Structure
NSIA’s challenge in early 2026 is no longer about whether it has strong governance frameworks—it does. The issue is whether its public disclosure practices have kept pace with its growing institutional importance.
For a sovereign wealth fund operating in a country where fiscal credibility is closely watched by global markets, timely transparency is not optional. It is part of the asset itself.
Until updated financials are released, claims of balance-sheet growth will continue to be met with scepticism—and Nigeria’s flagship investment institution risks undermining the very confidence it was designed to build.
Explainer: A Brief History, Ownership, and Key Investments of NSIA
A Short History of NSIA
The Nigeria Sovereign Investment Authority was established in 2011 following prolonged debates between the Federal Government and subnational governments over how Nigeria should manage excess oil revenues.
Before NSIA’s creation, Nigeria relied on the Excess Crude Account (ECA)—a savings mechanism widely criticised for weak legal backing, poor governance, and political withdrawals.
To address these shortcomings, the National Assembly passed the Nigeria Sovereign Investment Authority (Establishment, etc.) Act, creating NSIA as a legally independent institution with clear investment mandates and governance protections.
Nigeria seeded the Authority with $1 billion, funded from excess oil revenues, marking the country’s first attempt to place part of its hydrocarbon wealth into a professionally managed, rules-based sovereign wealth structure insulated—at least in theory—from short-term fiscal pressures.
Who Owns NSIA?
NSIA is not owned solely by the Federal Government. Its equity structure reflects Nigeria’s federal system and was designed to secure buy-in from all tiers of government:
- Federal Government of Nigeria – 52.68%
- State Governments – 26.72%
- Local Government Councils – 20.60%
This makes NSIA a rare Nigerian institution in which the federation as a whole—federal, state, and local governments—are direct shareholders, rather than beneficiaries through budgetary transfers.
How NSIA Invests: The Three-Fund Structure
From inception, NSIA was structured around three distinct funds, each serving a different economic purpose:
- Stabilisation Fund
A liquidity buffer designed to support Nigeria during periods of macroeconomic stress, commodity price shocks, or fiscal shortfalls. Investments are typically conservative and liquid. - Future Generations Fund (FGF)
A long-term growth portfolio aimed at preserving wealth for future Nigerians. It invests across global equities, private equity, hedge funds, and other alternative assets. - Nigeria Infrastructure Fund (NIF)
Focused on domestic infrastructure projects that support economic development while generating commercial returns.
This hybrid structure—combining liquid financial assets with long-dated infrastructure projects—has increasingly shaped NSIA’s balance sheet and reporting complexity.
Key Investments Over the Years
Over time, NSIA has evolved from a largely portfolio-based investor into an active asset manager, particularly in infrastructure and real-sector development.
Infrastructure
- Second Niger Bridge, delivered through a public–private partnership framework
- Lagos–Ibadan Expressway and Abuja–Kaduna–Kano Road, under the Presidential Infrastructure Development Fund (PIDF)
Healthcare
- Cancer treatment centres at Lagos University Teaching Hospital (LUTH) and Aminu Kano Teaching Hospital
- MedServe platform, expanding diagnostic and specialist healthcare services
Agriculture
- Presidential Fertiliser Initiative, aimed at reviving local blending capacity and reducing fertiliser imports
Energy and Utilities
- Investments across gas infrastructure, power-related assets, and renewable energy platforms aligned with Nigeria’s energy transition goals
Urban Development
- Renewed Hope Cities Programme, a mass-housing initiative with projects underway in several states, including Kano (reported to be about 75% complete)
Why This Matters for Financial Disclosure
NSIA’s growing exposure to infrastructure, operating assets, and alternative investments means:
- Earnings are less predictable quarter to quarter
- Asset valuations rely more on models than market prices
- Cash flows are realised over longer time horizons
For an institution collectively owned by the Nigerian federation, this evolution raises—not lowers—the bar for timely, clear, and regular public reporting, particularly as NSIA’s role in Nigeria’s fiscal and development strategy expands.
