Nigeria’s Minister of Industry, Trade, and Investment Dr. Doris Uzoka-Anite says a Nigeria Diaspora Fund for Multi-sectoral Investments in Nigeria is soon to be established.
This according to her will enhance foreign exchange liquidity and boost the Naira exchange rate. The government also hopes to tap into the considerable potential of Nigerians diaspora as a vital source of foreign capital.
The $10 billion Nigeria Diaspora Fund, she says, will spur economic growth. President Bola Tinubu has promised to transform Nigeria to a $1 trillion GDP economy.
The Fund is to be managed by selected fund managers chosen through an Expression of Interest (EOI) process. The EOI invitation has been extended to some key fund managers.
It may be recalled that earlier, Finance Minister, Wale Edun, hinted at this fund. He disclosed government strategic interest to leverage the diaspora to raise investment capital.
The proposed $10 billion fund has a tenure of ten years, extendable by two years. It will have an investment horizon of three to five years, with potential follow-on investments thereafter.
It will be managed by fund managers that meet strict specific criteria outlined in the EOI.
The criteria includes a demonstration of expertise in fund management, investment execution. Fund managers must also show a deep and comprehensive understanding of the Nigerian economic landscape. They must all possess relevant experience in frontier and emerging market investments.
Foreign firms are encouraged to participate, although preferably in partnership with reputable local firms, says the minister.
According to her, the initiative is only a part of a broader scheme to strengthen the strategic connections between Nigeria and her diaspora for national development.
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