FG Plans $ 10b Diaspora Fund To Grow Economy
THE Federal Ministry of Industry, Trade and Investment ( FMITI) has invited eligible firms to indicate interest to provide services as Diaspora Fund managers.
The announcement was made by Minister of Industry, Trade and Investment, Doris Nkirukauzoka- Anite, on her X account.
According to the minister, these fund managers would be responsible for the development and establishment of a multi- sectoral, multilateral, private sector- led investment fund to form the $ 10b Nigeria Diaspora Fund.
The ministry has initiated several moves aimed at fostering private sector and foreign direct investments into the Nigerian economy, she said.
In line with this objective, a committee has been established to conceptualise and structure the Nigeria Diaspora Fund, a $ 10b investment initiative, she noted.
The call for Expression of Interest ( EOI) is a significant step towards engaging competent fund managers to spearhead the establishment and management of the multisectoral, private sector- led investment fund, she noted.
According to her, key requirements for interested firms include: providing detailed information such as company registration, regulatory certifications, previous experience with the Nigerian government, asset management expertise, proposed fund offerings, fee structures, and strategies for fund management and engagement with diaspora investors.
The fund manager’s responsibilities will encompass designing and setting up the fund’s legal, operational, financial, and administrative frameworks, as well as managing all business affairs and investment decisions. Additionally, the fund manager will play a crucial role in fundraising, investor management, risk management, and reporting.
The Nigeria Diaspora Fund aims to leverage remittances, attract investments, and support critical sectors such as infrastructure, healthcare, education, and entrepreneurship in Nigeria.
It also seeks to strengthen ties with the di aspora community, promote national development, and harness the potential of diaspora members as catalysts for positive change.
“Interested firms, including joint ventures and greenfield funds, are encouraged to apply, with a submission deadline set for May 6, 2024. Detailed application instructions and further information can be obtained from the Federal Ministry of Trade, Industry, and Investment,” she said.