FG announces plans to garner $10bn diaspora investment fund

The federal government of Nigeria unveiled plans to set up a $10 billion diaspora fund that would attract investment from citizens living abroad.

Minister of Industry, Trade and Investment, Doris Uzoka-Anite, who disclosed this in a statement on X (formerly Twitter), said the federal government is seeking bids from asset managers to set up the fund.

She said the initiative is expected to support critical sectors including infrastructure, health care and education to grow the economy.

According to her, the fund will be guided by an advisory board comprising limited partners, calling on eligible firms to express their interest in its management.

“The fund is part of broader efforts to strengthen ties between Nigeria and its diaspora, and 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 endeavours aimed at supporting various sectors such as infrastructure, healthcare, education and entrepreneurship in Nigeria.”