The Nigeria Sovereign Investment Authority (NSIA) has delivered another year of solid growth. For the 12 months to December 2025 the sovereign wealth fund reported core operating income of N525.3 billion, a growth of 5.5 per cent from ₦498 billion of 2024. Total assets climbed 10.9 per cent to N4.91 trillion ($3.42 billion), while net asset value in dollars rose 19.8 per cent to $3.4 billion. In any other environment, these are respectable numbers. In Nigeria, they are impressive.