The federal government intends to establish a $10 billion diaspora fund in an effort to draw in foreign-based people who are interested in investing.
The federal government is soliciting bids from asset managers to establish the fund, according to Minister of Industry, Trade and Investment Doris Uzoka-Anite, who made this announcement in a statement on X (formerly Twitter).
According to her, the program is anticipated to help vital industries like infrastructure, healthcare, and education in order to boost the economy.
She said that an advisory board made up of limited partners will oversee the fund and that qualified companies are invited to indicate their interest in managing it.
The fund is a component of larger initiatives to foster national development and deepen links between Nigeria and its diaspora.Fund managers who meet the requirements outlined in the Expression of Interest (EOI) will oversee the fund. The fund manager will suggest fund structures with a focus on different investing stages and sectors.
The fund will include a number of investment platforms intended to give investors several ways to get involved in Nigeria’s economic change, subject to the preferences stated by the fund administrators.
With the help of this fund, humanitarian endeavors in Nigeria’s infrastructure, healthcare, education, and entrepreneurship can be supported, as well as investments and remittances are encouraged.