The Federal Ministry of Industry, Trade, and Investment (FMITI) has issued an invitation for eligible firms to express interest in providing services as Nigeria Diaspora Fund managers.
Minister of Industry, Trade, and Investment, Doris Nkiruka Uzoka-Anite, announced this on Thursday via her X account.
According to the minister, these appointed fund managers will oversee the development and establishment of a multi-sectoral, multilateral, private sector-led investment fund, aiming to create the $10 billion Nigeria Diaspora Fund.
She highlighted the ministry’s efforts to foster private sector and foreign direct investments into the Nigerian economy, stating that a committee has been formed to conceptualize and structure the Nigeria Diaspora Fund.
The call for Expression of Interest (EOI) marks a significant step toward engaging competent fund managers to lead the establishment and management of the private sector-led investment fund, she noted.
Eligibility criteria for Nigerian firms include providing detailed information such as company registration, regulatory certifications, prior experience with the Nigerian government, asset management expertise, proposed fund offerings, fee structures, and strategies for fund management and diaspora investor engagement.
The responsibilities of the fund manager will encompass designing and establishing the fund’s legal, operational, financial, and administrative frameworks, as well as managing all business affairs and investment decisions. Additionally, they will play a crucial role in fundraising, investor management, risk management, and reporting.
The Nigeria Diaspora Fund aims to utilize remittances, attract investments, and support critical sectors such as infrastructure, healthcare, education, and entrepreneurship in Nigeria. It also seeks to strengthen ties with the diaspora community, promote national development, and harness the potential of diaspora members as catalysts for positive change.
Interested firms, including joint ventures and greenfield funds, are encouraged to apply, with a submission deadline set for May 6th, 2024. Detailed application instructions and further information can be obtained from the Federal Ministry of Trade, Industry, and Investment, she concluded.