The Federal Ministry of Industry, Trade and Investment (FMITI) has recently unveiled the $10 billion Nigeria Diaspora Fund, calling upon eligible firms to express their interest in providing managerial services for the initiative.
The announcement made by the Minister of Industry, Trade and Investment, Doris Nkiruka Uzoka-Anite, emphasizes the government’s commitment to fostering private sector investment and attracting foreign direct investments (FDIs) into the Nigerian economy.
Key Highlights of the Announcement:
- Purpose of the Fund: The Nigeria Diaspora Fund aims to inject foreign direct investments into various sectors of the Nigerian economy through the private sector.
- Committee Establishment: The federal government has established a committee tasked with designing and developing the framework for the Diaspora Fund.
- Stakeholder Engagement: Diverse stakeholders, including the capital markets, investment community, and diaspora investors, have been actively engaged and consulted in the formulation of the $10 billion Nigeria Diaspora Fund.
- Expression of Interest (EOI) Process: The Fund will be designed and managed by selected Fund Managers chosen through the Expression of Interest (EOI) process.
Key Requirements for Interested Firms:
- Firm Profile: Detailed information on the firm’s incorporation details, ownership structure, management team profiles, historical performance, and branch contact details.
- Skills Availability: Evidence of appropriate skills among staff members for the assignment.
- Track Record: Summary of successfully exited investments in the last three years, including key information on companies, exit strategies, fund size, and Internal Rate of Return (IRR).
- Existing Investments: List of current investments, including sector focus, company descriptions, investment types, target IRR, fund terms, and status of investee companies.
- Expression of Interest: Clear indication of the firm’s interest in the Nigeria Diaspora Fund with justification.
- Investor Networks: Existing relationships and networks with relevant local and foreign investors.
- Geographic Understanding: Clear understanding of Nigeria’s states, geopolitical zones, and funding landscapes.
- Opportunity Profiling: Ability to effectively profile investment opportunities across all states and the Federal Capital Territory.
- Coordination Abilities: Availability to coordinate and direct funding requests from interested businesses nationwide.
- Application Submission: Full application submission by May 6, 2024, including hardcopy and virtual formats, to the specified address.
For detailed application procedures and additional information, interested parties are encouraged to visit the official website of the Federal Ministry of Trade, Industry and Investment.
Contact Information:
Federal Ministry of Trade, Industry and Investment, 12th Floor, Bank of Industry Building, Abuja Email: Nigeriadiasporafund@fmiti.gov.ng Website: www.nigeriadiasporafund.gov.ng
The Nigeria Diaspora Fund presents a significant opportunity for firms to contribute to the economic development and growth of Nigeria while fostering collaboration with global investors and stakeholders.
