Posted on 05/15/2023
The US$ 2.2 billion Nigeria Sovereign Investment Authority (NSIA) has announced it is prepared to allocate US$1 billion for solar and health care infrastructure. The funds are intended to be disbursed over the next three years. Nigeria is Africa’s largest country by population.
The fund is owned by the federal government with a 52.68% share, state government with a 26.72% share, and local government with a 20.6% share. The NSIA invests “in preparation for the eventual depletion of Nigeria’s hydrocarbon resources.” It also provides budget support and assists with domestic infrastructure.
U.S. Secretary of State Antony Blinken announced on May 15, 2023, that The United States has imposed entry restrictions on a group of Nigerians for election violations. Blinken said: “These individuals have been involved in intimidation of voters through threats and physical violence, the manipulation of vote results, and other activity that undermines Nigeria’s democratic process.”
Nigeria’s election tribunal is handling a challenge to Bola Tinubu’s victory in the February presidential vote. Bola Tinubu is from the ruling All Progressives Congress party.