The federal government through the ministry of industry, trade and investment, has issued a call for expressions of interest (EOI) from fund managers to establish and develop a multi-sectoral, multilateral private sector-led investment fund, forming the $10 billion Nigeria Diaspora Fund.
Minister of industry, trade, and investment, Dr. Doris Uzoka-Anite, announced the initiative on her Twitter handle on Thursday.
She stated that the fund would be managed by the selected fund managers and will have an expected investment period of three to five years, with follow-up on investments.
Uzoka-Anite also revealed that the fund’s lifespan is 10 years, extendable by two years.
Eligible firms interested in providing services as Diaspora Fund managers can apply either as a standalone firm or as a consortium of firms in Nigeria, attaching the required documents to their application.
The minister emphasised that the fund was part of several initiatives aimed at attracting and accelerating private and foreign direct investments into the Nigerian economy.