The Federal Government, FG, has unveiled a $10 billion Nigeria Diaspora Fund multi-sectoral investment opportunity to encourage remittances, attract investment and facilitate philanthropic endeavors aimed at supporting key sectors crucial for Nigeria’s economic growth.
The initiative, spearheaded by the Federal Ministry of Industry, Trade, and Investment, follows extensive consultations with stakeholders in the capital markets, the investment community, and diaspora investors after which a committee was formed to conceptualize and develop the structure of the Diaspora Fund, which aims to attract private sector and foreign direct investments into Nigeria.
Doris Uzoka-Anite, Minister of Industry, Trade and Investment disclosed this on her X handle, calling on eligible firms to express their interest in managing the fund, which will be guided by an Advisory Board comprising Limited Partners.
“Objective of the Nigeria Diaspora Fund: The Fund will be managed by Fund Managers that satisfy the criteria set out in the Expression Of Interest. The Fund manager will propose Fund structures that will focus on various sectors and stages of investments.
“Subject to the preferences indicated by Fund Managers. The Fund will contain multiple investment platforms designed to offer investors different mechanisms for participating in Nigeria’s economic transformation.
READ ALSO: FG moves to restructure school feeding program through international partnerships
“This Fund is a way of encouraging remittances, attracting investments and facilitating philanthropic endeavors aimed at supporting various sectors such as infrastructure, healthcare, education and entrepreneurship in Nigeria.
“The launch of The Diaspora Fund is part of broader efforts to strengthen ties between Nigeria and its diaspora, promote national development, and harness the potential of The Diaspora Community as agents of change and development for Nigeria.
“The National Launch of The Diaspora Fund will serve as
an opportunity to raise interest in and awareness of the Fund: towards mobilizing capital investment from the Diaspora Community,” she said.
The minister added that the fund managers will be responsible for designing investment platforms focused on various sectors such as infrastructure, healthcare, education, and entrepreneurship.
The launch of the fund underscores the government’s commitment to strengthening ties with its diaspora community, recognizing them as pivotal agents of change and development to catalyze Nigeria’s economic development and empower citizens residing abroad to actively participate in driving the nation’s economic growth.
For expressions of interest, parties are encouraged to engage directly with the ministry or visit nigeriadiasporafund.gov.ng.
Credible News.ng
