FG To Use $10b Diaspora Fund To Boost Economy

The Federal Ministry of Industry, Trade and Investment (FMITI) has urged eligible firms to show interest to offer services as Diaspora Fund managers.

The Minister of Industry, Trade and Investment, Doris NkirukaUzoka-Anite, disclosed this on her X account.

The minister noted that 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.

Also, she stated that in line with this objective, a committee has been established to conceptualise and structure the Nigeria Diaspora Fund, a $10b investment initiative.

She explained the 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 responsibilities of fund managers 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.

According to her, “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."