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The Nigerian government has revealed its intention to establish a $10 billion diaspora fund aimed at attracting investment from citizens residing abroad.
Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, made this announcement in a statement released on X (formerly Twitter), outlining the government’s plan to solicit bids from asset managers for the setup of the fund.
Uzoka-Anite emphasized that the initiative is geared towards supporting vital sectors such as infrastructure, healthcare, and education to foster economic growth.
She further explained that the fund’s operations would be overseen by an advisory board composed of limited partners, inviting eligible firms to express their interest in managing the fund.
“The establishment of this fund is a strategic move to strengthen the relationship between Nigeria and its diaspora community while driving national development,” Uzoka-Anite stated.
She highlighted that the fund management would be entrusted to firms meeting the criteria outlined in the Expression Of Interest (EOI), with the selected fund managers proposing structures focusing on various sectors and investment stages.
“Based on the preferences indicated by fund managers, the fund will encompass multiple investment platforms tailored to offer investors diverse avenues for engaging in Nigeria’s economic advancement,” she added.
Uzoka-Anite underscored the fund’s role in encouraging remittances, attracting investments, and facilitating philanthropic initiatives aimed at supporting critical sectors such as infrastructure, healthcare, education, and entrepreneurship in Nigeria.
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