The Federal Government has unveiled plans to establish a $10 billion diaspora fund aimed at attracting investments from Nigerian citizens residing abroad. The announcement was made by the Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, in a statement released on X (formerly Twitter).
According to the Minister, the federal government is inviting bids from asset managers to facilitate the establishment of the fund. This initiative is geared towards bolstering critical sectors such as infrastructure, healthcare, and education, with the overarching goal of stimulating economic growth.
The diaspora fund will be overseen by an advisory board comprising limited partners. Eligible firms are urged to express their interest in managing the fund, which will be instrumental in strengthening the bond between Nigeria and its diaspora community while driving national development initiatives.
In her statement, Minister Uzoka-Anite emphasized that the fund’s management will be entrusted to qualified fund managers who meet the specified criteria outlined in the Expression of Interest (EOI). These managers will be tasked with proposing fund structures that target various sectors and investment stages.
Furthermore, the fund is designed to offer multiple investment platforms to cater to diverse investor preferences and encourage participation in Nigeria’s economic transformation. It serves as a strategic mechanism to incentivize remittances, attract investments, and support philanthropic endeavors aimed at fostering development across sectors such as infrastructure, healthcare, education, and entrepreneurship within Nigeria.
