The Nigerian government has declared the opening of a $10 billion Nigeria Diaspora Fund, a multisectoral investment opportunity meant to promote economic growth, charitable efforts, draw investments, and boost remittances.
The Federal Ministry of Industry, Trade, and investing (FMITI), which is leading the project, held in-depth discussions with the investing community, diaspora investors, and capital market stakeholders.
To design the idea and structure of the Diaspora Fund—which seeks to draw foreign direct investments and the private sector to Nigeria—a committee was established.
Fund managers who meet the requirements outlined in the Expression of Interest (EOI) will oversee the fund.
The fund will include a number of investment platforms with the aim of providing investors with various ways to get involved in Nigeria’s economic revolution.
In order to accelerate Nigeria’s economic development and enable its citizens living overseas to actively contribute to the country’s economic progress, the government has made a commitment to fortifying its ties with the diaspora community, acknowledging them as essential change and development agents.
This commitment is demonstrated by the establishment of the Diaspora Fund.
The fund offers diaspora investors a chance to make a significant contribution to Nigeria’s socioeconomic development.
Three to five years are anticipated for the investment period, followed by additional investments.
The fund’s 10-year existence is extendable by an additional two years.
Nigeria’s road towards sustainable economic success is about to take a major step forward with the creation of the Diaspora Fund, which is expected to increase awareness and encourage capital investment from the diaspora population.
The economic growth of the West African nation is fast improving.
