This was announced on Thursday by the country’s minister of trade, Doris Nkiruka Uzoka-Anite on her X account, explaining that the initiative was aimed at growing the country’s economic sector.
The Nigerian Government has invited firms and corporate bodies to participate in the $10 billion Nigeria Diaspora Fund Multi-Sectoral Investment.
This was announced on Thursday by the country’s minister of trade, Doris Nkiruka Uzoka-Anite on her X account, explaining that the initiative was aimed at growing the country’s economic sector.
She wrote: “Exciting news! @TradeInvestNG invites firms to engage in the $10 Billion Nigeria Diaspora Fund Multi-Sectoral Investment.
“An unprecedented opportunity for our citizens in diaspora to drive Nigeria's economic growth.
“Partners interested in managing this transformative initiative should see below for details or visit nigeriadiasporafund.gov.ng #InvestInNigeria #NigeriaDiasporaFund.”
The circular containing the advert shared by the minister read: “The Federal Government of Nigeria through the Federal Ministry of Industry, Trade, and Investment (FMITI) is coordinating several initiatives towards attracting and accelerating the injection of private sector and foreign direct investments into the Nigerian economy.
“As part of this process, a committee was set up to design and develop the structure for a Diaspora Fund. Various stakeholders in the capital markets, investment community and diaspora investors were engaged and also consulted on the establishment of the $10 billion Nigeria Diaspora Fund.
“The Ministry therefore issues this call for Expression of Interest (EOI) to Fund Managers for the development and establishment of a multisectoral, multilateral private sector-led investment fund to form the $10 billion Nigeria Diaspora Fund.
“This Fund will be designed and managed by the Fund Managers selected during the Expression of Interest process. The expected investment period is for three to five years with follow on investments thereafter. The life of the fund will be 10 years (extendable by 2 years).”
This initiative comes amid controversies surrounding the value of the country’s currency against the US dollar.
As of Friday, the Nigerian currency, the naira, was exchanged for about N1,306/$1.
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