Rating Release
Agusto & Co. affirms Nigeria Sovereign Investment Authority ratings at ‘Aaa (NGA)’ (long term) and ‘A1+ (NGA)’ (short term), with a stable outlook
The rating expires on 30 June 2026.
Agusto & Co. affirms the Aaa (NGA) (long term) and A1+ (NGA) (short term) ratings assigned to Nigeria Sovereign Investment Authority (‘NSIA’ or ‘the Authority’). The ratings reflect NSIA’s strategic importance in providing stability for Nigeria during periods of financial stress, enhancing the development of Nigeria’s infrastructure and building a savings base for future generations. The Authority’s strong capitalisation, supported by steady inflows from the implementation of the Petroleum Industry Act (PIA) 2021, good project implementation capabilities, and a well-diversified investment portfolio are considered rating positives. However, NSIA’s exposure to the vagaries of the Nigerian economy and the ongoing geopolitical tension constrain the rating. We have also assigned a ‘2’ ESG score, denoting that environmental, social and governance (ESG) issues have minimal contribution to the credit risk profile of the Authority.