Eligible companies are invited by the Federal Ministry of Industry, Trade and Investment (FMITI) to express interest in serving as managers of the Nigeria Diaspora Fund.
Doris Nkiruka Uzoka-Anite, the Minister of Industry, Trade, and Investment, made the announcement on her X account on Thursday.
The minister stated that these fund managers will be in charge of creating and establishing a $10 billion Nigeria Diaspora Fund—a multi-sectoral, multilateral investment fund managed by the private sector.
According to her, the ministry has taken a number of actions to promote the private sector and foreign direct investments in the Nigerian economy.
She stated that a team has been formed to plan and organize the Nigeria Diaspora Fund, a $10 billion investment project, in keeping with this goal.
She pointed out that the request for Expressions of Interest (EOI) is a critical step in appointing capable fund managers to lead the creation and administration of the multi-sectoral, privately led investment fund.
Qualifications for Nigerian businesses
The provision of comprehensive information, such as company registration, regulatory certifications, prior experience working with the Nigerian government, asset management expertise, proposed fund offerings, fee structures, and strategies for fund management and investor engagement with the diaspora, are among the essential requirements for interested firms.
The duties of the fund manager will include overseeing all business affairs and investment choices in addition to creating and establishing the fund’s operational, financial, legal, and administrative frameworks.
The fund manager will also be very important for reporting, risk management, investor management, and fundraising.
Things To Be Aware About
The Nigeria Diaspora Fund seeks to help vital industries in Nigeria, including infrastructure, healthcare, education, and entrepreneurship, while also leveraging remittances and drawing in investments.
Along with fostering national development and leveraging the potential of diaspora people as change agents, it also aims to fortify links with the diaspora community.
The deadline for submissions is May 6, 2024, and interested firms—including joint ventures and greenfield funds—are urged to apply.
The Federal Ministry of Trade, Industry, and Investment has further information and detailed application procedures, she stated.
