FG discloses $10bn diaspora investment fund

The Federal Government (FG) has unveiled plans to set up a $10 billion diaspora fund to attract investment from citizens living outside the country.

The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made this known in a statement on X.

According to her, FG is seeking bids from asset managers to set up the fund.

She added that the initiative will support important sectors including infrastructure, health care and education to develop the economy.

The fund will also be guided by an advisory board made of limited partners, calling on eligible firms to express their interest in its management, she said.

Uzoka-Anite stated: “The fund is part of broader efforts to strengthen ties between Nigeria and its diaspora, promote national development.

“The fund will be managed by Fund Managers that satisfy the criteria set out in the Expression Of Interest (EOI). The Fund manager will propose Fund structures that will focus on various sectors and stages of investments.

“Subject to the preferences indicated by fund managers, the fund will contain multiple investment platforms designed to offer investors different mechanisms for participating in Nigeria’s economic transformation.

“This fund is a way of encouraging remittances, attracting investments and facilitating philanthropic endeavors aimed at supporting various sectors such as infrastructure, healthcare, education and entrepreneurship in Nigeria."

BEB