Nigeria Sovereign Investment Authority

Nigeria · Africa · Founded 2011 · Strategic development fund · IFSWF full member

Focus

Nigeria Sovereign Investment Authority: what it invests in

Infrastructure and utilitiesHealthcare and life sciencesRenewables and climateAgriculture and food securityFinancial servicesTransport and logistics

Fixed incomePublic equitiesHedge funds and absolute returnPrivate equityVenture capitalInfrastructure

Geography Domestic and global

Scale

Nigeria Sovereign Investment Authority: how big it is, and on what basis

USD 3.40B NAV

Net assets or equityAs of 2026-04-02

In US dollars: about USD 3.4B. Audited US dollar statements.

Return on equity 10.3%

Transparency

Nigeria Sovereign Investment Authority: what it publishes

8.0 of 10 Band 4 of 5

Published 6 · Partly 4 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Net asset valueS4: USD 3.40B (end 2025); As of 2026-04-02
NAV growth 2025S4: +19.8%; As of 2026-04-02
Return on equityS4: 10.3%; As of 2026-04-02
Comprehensive incomeS6: USD 320.2M; As of 2025-12-31
Cost to incomeS4: 4.2%; As of 2026-04-02
Transparency scoreS4: 8 of 10; As of 2026-04-02

At a glance. NSIA is Nigeria's sovereign wealth fund, set up in 2011 to invest oil revenue above budget. It runs three ring-fenced pools: a Stabilisation Fund and a Future Generations Fund invested abroad through managers, and a Nigeria Infrastructure Fund investing at home in roads, healthcare, power, farming and finance. Audited net assets were USD 3.40 billion at end 2025. S1 S5 S4

Key points

Net assets rose 19.8 percent in dollars to USD 3.40 billion in 2025; return on equity was 10.3 percent. S4
Thirteen straight years of positive earnings; NAV has compounded 10.7 percent a year, including contributions. S4
Target returns: US CPI plus 400 bps for Future Generations and plus 300 bps for Infrastructure. S5
Acts as project sponsor, structuring platforms that pull in DFI and private capital. S7
Audited by EY in naira and US dollars; cost to income was 4.2 percent. S6 S4

Interesting facts

Its MedServe network has served over 395,000 patients at diagnostic and cancer centres. S5
Its fertiliser programme grew blending plants from 4 to over 80 before moving to MoFI in 2025. S5
It holds 15 percent of the Development Bank of Nigeria in trust for the Federal Government. S6

Mandate and goals

The 2011 Act gives NSIA three jobs: build savings for Nigerians, speed up infrastructure and support the economy in times of stress. Priority sectors are agriculture, healthcare, motorways, power and renewables, gas industrialisation and financial market infrastructure. S1

Save for future generations (US CPI plus 400 bps, horizon over 20 years). S5
Invest in domestic infrastructure (US CPI plus 300 bps). S5
Stabilise the budget in downturns (US CPI target, short horizon). S5
Mobilise outside capital through platforms. S7

How it invests

Industries	Infrastructure and utilities, Healthcare and life sciences, Renewables and climate, Agriculture and food security, Financial services, Transport and logistics, Technology, Real estate S1 S5
Asset classes	Fixed income, Public equities, Hedge funds and absolute return, Private equity, Venture capital, Infrastructure, Commodities and gold, Cash and money markets S6
Stages	Venture, Growth, Infrastructure, Credit, Public markets S5
Geography	Domestic and global. Infrastructure Fund fully domestic; other funds offshore S5
Direct / through funds / co-invest	Yes / Yes / Yes S6
Ticket size	Observed cheques: USD 9M (power loan), USD 20M (JICA fund), USD 25M (cold chain), NGN 15B to 25B (housing, REIT, guarantees). S6
Deal sizes seen	USD 9M to about USD 25M equivalent
External managers	Hedge fund, equity and PE managers including Petershill, StepStone, Helios, Actis and Africa Capital Alliance S6
Co-investment programme	Platforms with DFIs and managers: DRE Fund, MedServe, RIPLE, InfraCredit S5

Asset mix: Future Generations Fund 40%, Nigeria Infrastructure Fund 40%, Stabilisation Fund 20% (as of 2025-12-31) S5

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2026	Nigeria DRE Fund. Distributed renewables fund with Africa50 and SEforALL; commercial launch September 2026. S9	Joint venture or partnership	Renewables and climate	Infrastructure	USD 300M fund
2025	National Credit Guarantee Company. Credit guarantee company. S5	New company or platform	Financial services	Growth	NGN 25B (NGN 10B first tranche)	25%
2025	Green Guarantee Company. Targets USD 5B of green guarantee capacity. S5	New company or platform	Financial services	Growth	USD 100M capital
2025	NSIA-JICA Impact Innovation Fund. Japanese grant of USD 14M; USD 16M expected from DFIs. S5	Fund commitment	Technology	Venture	USD 20M of USD 50M
2025	Cold chain platform. 15,000 pallet spaces, with Africa Finance Corporation. S5	Joint venture or partnership	Agriculture and food security	Growth	USD 25M
2025	Janguza Kano housing. Part of the 100,000-home Renewed Hope programme. S5	Direct investment	Real estate	Credit	NGN 15B loan
2025	Victoria Island gas power plant. 30 MW embedded gas power plant. S5	Direct investment	Energy: oil and gas	Credit	USD 9M loan
2025	RIPLE solar module plant. Financial close on a 400 MW assembly plant in Ogun State. S5	Direct investment	Renewables and climate	Infrastructure	Not published
2014	MedServe. Diagnostic and cancer centre network, 11 expected by Q3 2026. S5	New company or platform	Healthcare and life sciences	Infrastructure	USD 24.3M IDA and IFC facility
Not published	Petershill Private Equity Seeding. Largest open PE commitment at end 2025. S6	Fund commitment	Multi-sector	Growth	USD 27.4M unfunded
2023	Second Niger Bridge, Lagos-Ibadan and Abuja-Kano roads. Managed under the PIDF; role ended with a March 2024 handover. S5	State asset transfer	Transport and logistics	Infrastructure	Not published

Case studies

MedServe: building specialist healthcare S5

What: Created a diagnostic and cancer care platform with equipment partners and concessional DFI money.
When: From 2014
Size: USD 24.3M IDA and IFC facility
Why: Nigeria lacked advanced diagnostics and oncology; long equipment service contracts protect value.
Outcome: Over 395,000 patients served; three oncology centres finished for the Health Ministry in July 2025.

DRE Fund: crowding in solar capital S9 S5

What: Co-sponsored a distributed renewables fund with Africa50 as co-GP.
When: Launched September 2026
Size: USD 300M
Why: To scale off-grid and mini-grid power toward the Mission 300 access target.
Outcome: Moved from structuring to deployment.

PIDF: national roads S5

What: Managed three federal road projects funded by the Presidential Infrastructure Development Fund.
When: Until March 2024
Size: Not published
Why: To deliver priority roads with ring-fenced funding.
Outcome: Second Niger Bridge opened May 2023; Lagos-Ibadan Section I done December 2023.

Investment process

The board has full autonomy under the 2011 Act and works through four committees. External managers run the offshore funds; the Infrastructure Fund and subsidiaries originate domestic deals. S3 S5

Committee	Role
Finance and Investment Committee	Investment approvals S3
Audit, Risk and ESG Committee	Audit and risk oversight S3
Nominations, Compensation and Governance Committee	Board and pay matters S3
Subsidiary Oversight Committee	Oversees operating subsidiaries S3

Check fit with the five Infrastructure Fund themes. S5
Structure in local currency or blended finance with credible co-investors. S5 S7
Committee approval, then delivery through a subsidiary or platform. S3

How to approach: Use the procurement portal, investor relations or contact page; startups use the NSIA Prize for Innovation or the NSIA-JICA fund; DFIs join the platforms. S10

Size and returns

Headline size: USD 3.40B NAV (Net assets or equity, as of 2026-04-02) S6 S4
In US dollars: about USD 3.4B. Audited US dollar statements.
Total assets: USD 3,418.7M (Total assets (balance sheet), as of 2025-12-31) S6
Net assets in naira: NGN 4,876.2B (Net assets or equity, as of 2026-04-02) S4
Return, 2025: 10.3 percent (return on equity in US dollars) S4
Size over time (USD billion): 2021 2.96, 2022 2.3, 2023 2.51, 2024 2.88, 2025 3.42 S6

Leadership

Name	Title	Since
Segun Ogunsanya	Chairman S6	2024
Aminu Umar-Sadiq	Managing Director and CEO S6	2022-09-30
Kolawole Owodunni	Executive Director, Chief Investment Officer S6	Not published
Ijeoma Taylaur	Executive Director, Chief Operating Officer S6	Not published
Victor Sesere	Chief Financial Officer S6	Not published
Pius Osiriamhe Anyiador	Head, Nigeria Infrastructure Fund S5	Not published
Chinedu Mofunanya	Head, Externally Managed Investments S5	Not published

Governance and transparency

Legal basis: Nigeria Sovereign Investment Authority (Establishment) Act 2011 S1
Oversight: Board of nine; Governing Council chaired by the President S3
Auditor: Ernst and Young S6
Santiago Principles: IFSWF full member that follows the Santiago Principles S3 S2
Board adopted the IFRS Sustainability Disclosure Standards in 2025. S5

Transparency score: 8.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, asset allocation, holdings or deal list, audited financial statements, governance and mandate documents, named leadership. S3 S5 S6
Partly published: annual return, long-term returns, geographic or sector split, regular reporting schedule. S4 S5 S6 S8

History

Date	Event
2011-05	NSIA Act signed. S1
2013	Investing starts with USD 1B seed. S1
2022-09-30	Aminu Umar-Sadiq becomes CEO. S6
2024-03	PIDF role handed over. S5
2026-04-02	FY2025 results: NAV USD 3.40B. S4
2026-09-22	DRE Fund commercial launch. S9

For family offices

NSIA works through platforms with DFIs and managers and backs private equity funds, so families meet it as a co-investor in Nigerian infrastructure or a fellow LP. S5 S6

Meet NSIA at the Africa Sovereign Investors Forum it hosts. S4
NSIA Prize for Innovation: Nigerian startups and innovators https://nsia.com.ng S5

Reports

Full-Year 2025 Group Financial Statements (USD): https://nsia.com.ng/wp-content/uploads/2026/05/Full-Year-2025-Group-Financial-Statements-USD.pdf S6
2025 Sustainability Report: https://nsia.com.ng/wp-content/uploads/2026/09/NSIA-2025-SUSTAINABILITY-REPORT.pdf S5
2024 Annual Report: https://nsia.com.ng/wp-content/uploads/2026/05/2024-Annual-Report.pdf S8

Common questions

How big is NSIA?

Audited net assets of USD 3.40 billion and total assets of USD 3,418.7 million at end 2025. S6

Who leads NSIA?

Aminu Umar-Sadiq is Managing Director and CEO; Segun Ogunsanya chairs the board. S6

What does it invest in at home?

Healthcare, renewables, agriculture, housing, financial infrastructure and technology through the Nigeria Infrastructure Fund. S5

Is it an IFSWF member?

Yes, a full member. S2

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All sovereign wealth funds in Africa · All strategic development funds · All funds in Nigeria

Sources

Disclaimer

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