The federal government has announced plans to set up a $10 billion diaspora fund to attract investment from citizens living abroad.
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In a post on X on Thursday, Doris Uzoka-Anite, minister of industry, trade and investment, said the federal government is seeking bids from asset managers to set up the fund.
The initiative, the minister said, is expected to support critical sectors including infrastructure, health care and education to grow the economy.
Uzoka-Anite said 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, promote national development,” she said.
“Objective of the Nigeria diaspora fund; 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.
“The launch of the diaspora fund will serve as an opportunity to raise interest in and awareness of the fund: towards mobilizing capital investment from the diaspora community.”
Uzoka-Anite said the fund managers will be responsible for designing investment platforms focused on the aforementioned sectors.
The minister noted that the investment period is for three to five years and a lifespan of 10 years — extendable by two years.
“The fund presents an opportunity for diaspora investors to contribute meaningfully to Nigeria’s socio-economic advancement,” Uzoka-Anite said.
“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 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).
“The launch of the diaspora fund is poised to raise awareness and mobilize capital investment from the diaspora community, marking a significant milestone in Nigeria’s journey towards sustainable economic prosperity.”
Uzoka-Anite also noted that the proposed asset offering could take the shape of infrastructure, credit, and venture capital funds.
The minister said interested firms, including joint ventures and greenfield funds, are encouraged to apply by May 6.
On April 3, the federal government said it plans to start issuing domestic foreign currency-denominated bonds from the second quarter (Q2) of 2024.
The federal government, on April 21, said plans are afoot to issue a diaspora bond to boost remittances.
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