Nigeria launches $10 Billion diaspora fund to boost economy and strengthen global ties: summary
What we know
- Nigeria's Ministry of Trade and Investment has unveiled plans to roll out a $10 billion "diaspora fund," to amongst others, reinforce the economy with increased dollar inflows and foreign investments.
- The envisioned fund aims to harness the billions of dollars remitted monthly by Nigerian citizens abroad, pooling these resources for local investments spanning infrastructure, healthcare, and education sectors.
- In a bid to oversee the fund's implementation, the ministry has called upon interested fund managers to submit applications before the impending deadline of May 6, marking a pivotal step in actualizing Nigeria's vision for sustainable economic growth and diversification.
- According to World Bank estimates, Nigeria received upwards of $20 billion in diaspora remittances last year alone, indicating the potential of diaspora funds to stimulate economic growth in the face of global challenges, Reuters reports.
- The fund is also touted to serve as a strategic initiative to forge stronger bonds with Nigeria's vast diaspora community, estimated at 17 million individuals worldwide.
What they said
Minister of Industry, Trade and Investment, Doris Uzoka-Anite said, “The fund is part of broader efforts to strengthen ties between Nigeria and its diaspora and promote national development. The fund will be managed by Fund Managers who satisfy the criteria set out in the Expression Of Interest (EOI). The Fund manager will propose Fund structures that will focus on various sectors and stages of investments. Subject to the preferences indicated by fund managers, the fund will contain multiple investment platforms designed to offer investors different mechanisms for participating in Nigeria’s economic transformation.” “This fund is a way of encouraging remittances, attracting investments and facilitating philanthropic endeavours aimed at supporting various sectors such as infrastructure, healthcare, education and entrepreneurship in Nigeria,” she is quoted by Vanguard NG.
