Sovereign Wealth Fund Diplomacy: The Nigeria Sovereign Investment Authority and External Relations

This study examines the diplomatic dimensions of the Nigeria Sovereign Investment Authority (NSIA), investigating how Nigeria's management of sovereign wealth assets creates diplomatic relationships, strategic investment signals, and opportunities for economic statecraft. Sovereign wealth funds (SWFs) have increasingly been recognised as instruments of state power, enabling governments to acquire strategic assets, signal economic confidence, and influence bilateral relationships through investment decisions. Drawing on economic statecraft theory and the political economy of sovereign wealth, this research analyses NSIA's investment strategy, foreign asset allocation, and co-investment partnerships from its establishment to 2024, examining the diplomatic implications of its portfolio composition. The study employs a qualitative methodology, drawing on NSIA annual reports, international co-investment agreements, Parliamentary appropriation debates, and interviews with NSIA executives and Ministry of Finance officials. Comparative analysis of African SWF cases including Botswana's Pula Fund and Ghana's Heritage Fund provides analytical context. Findings are expected to show that the NSIA has developed modest but strategically coherent co-investment relationships, particularly with Gulf-based SWFs, though its diplomatic potential is constrained by fund capitalisation limitations and persistent uncertainty about fiscal governance commitments. Recommendations address expanding NSIA's strategic investment mandate. Keywords: sovereign wealth fund, NSIA, economic statecraft, Nigeria, investment diplomacy.