April 26, 2024
Nigeria Plans to set up $10 billion diaspora fund to attract dollar inflows
Nigeria announced to launch a massive $10 billion diaspora fund. The Federal Government is targeting Nigerians living abroad to bring money back home into big sectors like roads, health, and schools to boost the country’s growth.
In a post on X on Thursday, Dr. Doris Uzoka-Anite, Minister of Industry, Trade and Investment, said the Federal Government is seeking bids from asset managers to set up the fund.
According to the Minister, the initiative is expected to support critical sectors including infrastructure, health care and education to grow the economy.
Dr. Uzoka-Anite said the fund will be guided by an advisory board comprising limited partners, calling on eligible firms to express their interest in its management.
- “The fund is part of broader efforts to strengthen ties between Nigeria and its diaspora, promote national development,” she said.
- “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 (EOI). 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.
- “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 will serve as an opportunity to raise interest in and awareness of the fund: towards mobilizing capital investment from the diaspora community.”
The Minister said the fund managers will be responsible for designing investment platforms focused on the aforementioned sectors.
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