The Federal Ministry of Industry, Trade, and Investment (FMITI) is inviting eligible firms to express their interest in providing services as Nigeria Diaspora Fund managers.
The announcement was made on Thursday by Minister of Industry, Trade, and Investment, Doris Nkiruka Uzoka-Anite, via her official platform.
According to the minister, these selected fund managers will play a crucial role in developing and establishing a multi-sectoral, multilateral, private sector-led investment fund aimed at creating the $10 billion Nigeria Diaspora Fund.
The ministry has taken various initiatives to encourage private sector participation and attract foreign direct investments into the Nigerian economy, she stated.
To achieve this objective, a committee has been formed to conceptualize and structure the Nigeria Diaspora Fund, a $10 billion investment initiative.
The call for Expression of Interest (EOI) represents a significant milestone in engaging competent fund managers to lead the establishment and management of this multi-sectoral, private sector-led investment fund, she emphasized.
Eligible Nigerian firms interested in this opportunity must meet key requirements, including providing detailed information such as company registration, regulatory certifications, previous experience working with the Nigerian government, asset management expertise, proposed fund offerings, fee structures, and strategies for fund management and engagement with diaspora investors.
What you should know
The Nigeria Diaspora Fund is designed to capitalize on remittances, draw investments, and bolster key sectors like infrastructure, healthcare, education, and entrepreneurship within Nigeria.
Additionally, it aims to fortify connections with the diaspora community, advance national development, and utilize diaspora members as agents for constructive transformation.
Firms interested in participating, including joint ventures and greenfield funds, are urged to submit their applications by the deadline of May 6th, 2024.
For detailed application guidelines and additional information, individuals can reach out to the Federal Ministry of Trade, Industry, and Investment.