In a strategic move to enhance economic growth, the Federal Ministry of Industry, Trade and Investment (FMITI) has announced the creation of a $10 billion Nigeria Diaspora Fund. The initiative is designed to harness the potential of diaspora investments in bolstering the Nigerian private sector.
During a recent press conference, Minister Doris Nkiruka Uzoka-Anite revealed that the fund aims to attract significant foreign direct investment into the country. The government has formed a committee to develop a comprehensive framework for this ambitious project, reflecting a proactive approach to economic revitalization.
Eligibility to manage the fund is a competitive process, and firms interested in participating are required to demonstrate robust credentials. The key requirements outlined by the FMITI for potential fund managers include:
1. Firm Profile: Detailed information on incorporation, ownership structure, management team, performance history, and branch locations.
2. Staff Competency: Evidence of staff expertise relevant to fund management.
3. Investment History: Data on successfully exited investments over the past three years, including strategy, size, and returns.
4. Current Portfolio: Details on existing investments such as sector focus, company descriptions, investment types, targets, terms, and status.
5. Fund Interest Justification: Explicit interest in managing the Nigeria Diaspora Fund, with reasons.
6. Networking Capability: Existing relationships with both local and international investors.
7. Geographic Knowledge: Comprehensive understanding of Nigeria’s geopolitical zones and their funding landscapes.
8. Opportunity Profiling: Ability to identify investment opportunities across all Nigerian states and the Federal Capital Territory.
9. Operational Readiness: Availability to manage and direct funding inquiries nationwide.
10. Application Process: Submission guidelines requiring a combined digital and physical application by May 6, 2024, marked “EXPRESSION OF INTEREST: NIGERIA DIASPORA FUND.”
Applications are expected to be sent to the Federal Ministry of Trade, Industry, and Investment at their headquarters on the 12th Floor of the Bank of Industry Building, Abuja. Submissions can also be emailed to [email protected]. For more information, visit [www.nigeriadiasporafund.gov.ng](http://www.nigeriadiasporafund.gov.ng).
This fund represents a critical step towards leveraging the Nigerian diaspora community’s potential to foster substantial economic impacts through strategic investments.
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