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In a strategic effort to boost economic growth, the Federal Ministry of Industry, Trade, and Investment (FMITI) has announced the establishment of a $10 billion Nigeria Diaspora Fund.
This initiative aims to harness the potential of diaspora investments to strengthen the Nigerian private sector.
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During a recent press briefing, Minister Doris Nkiruka Uzoka-Anite unveiled the fund, highlighting its goal of attracting significant foreign direct investment into the country. The government has formed a committee tasked with developing a comprehensive framework for this ambitious project, demonstrating a proactive approach to economic revitalization.
The selection process for managing the fund is highly competitive, and firms interested in participating must demonstrate strong credentials.
The key requirements outlined by 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 should 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 Nigeriadiasporafund@fmiti.gov.ng. For more information, visit www.nigeriadiasporafund.gov.ng.
This fund represents a crucial step towards leveraging the potential of the Nigerian diaspora community to drive significant economic growth through strategic investments.
