The Federal Government has announced the extension for expression of interest by Fund Managers willing to participate in the $10 billion Nigeria Diaspora Fund by one week.
Prospective Fund Managers now have up till May 13, 2024 to submit the application instead of the earlier May 6, 2024 deadline set by the government.
Minister of Industry, Trade, and Investment, Doris Uzoka-Anite who announced the extension via her official X handle on Thursday, said the extension is to offer interested parties more time to prepare their applications.
Her statement dated May 2, 2024 reads, “The Federal Minister of Industry Trade and Investment wishes to inform all interested parties that the deadline for the submission of Expression of Interest (EoI) for the Nigerian Diaspora fund has been extended.
“The new submission date is May 13, 2024. This extension is intended to accommodate stakeholders who require more time to prepare for their applications in accordance with the guidelines provided in the $10 billion Nigerian Diaspora Fund.
“The EOI is open to Fund Managers interested in the development and establishment of multisectoral, multilateral, private sector-led investment fund. We encourage prospective applicant to use this additional time to finalise their submission that meet the outline criteria, ensuring comprehensive and competitive proposal.”
The government had on April 24 announced the request for the EOI by Fund Managers who will manage the proposed $10 billion Nigeria Diaspora Fund.
Announcing the development via her X handle then, she wrote, “Exciting news! @TradeInvestNG invites firms to engage in the $10 Billion Nigeria Diaspora Fund Multi-Sectoral Investment. An unprecedented opportunity for our citizens in diaspora to drive Nigeria’s economic growth. Partners interested in managing this transformative initiative should see below for details or visit nigeriadiasporafund.gov.ng #InvestInNigeria #NigeriaDiasporaFund.”
Meanwhile, the document requesting for participation says, the Fund Managers will among others execute the following duties: Design and setting up of the Fund including legal, operational, financial and administrative structure; Determination of Fund structure, sector allocation; Managing all business affairs of the Fund and undertaking activities required to meet the objectives of the Fund; and Making all decisions related to the investigation, solicitation, origination, selection, development, negotiation, acquisition, management, structuring, restructuring, commitment to or monitoring of and disposal of investments.
Objectives of the Nigeria Diaspora Fund as stated in the document are; “The Fund will be managed by Fund Managers that 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 endeavors aimed at supporting various sectors such as infrastructure, healthcare, education and entrepreneurship in Nigeria.
“The launch of The Diaspora Fund is part of broader efforts to strengthen ties between Nigeria and its diaspora, promote national development, and harness the potential of The Diaspora Community as agents of change and development for Nigeria
“The National Launch of The Diaspora Fund will serve as an opportunity to raise interest in and awareness of the Fund: towards mobilizing capital investment from the Diaspora Community.”
Financial experts say the launch of the fund underscores the government’s commitment to strengthening ties with its diaspora community, recognizing them as pivotal agents of change and development to catalyze Nigeria’s economic development and empower citizens residing abroad to actively participate in driving the nation’s economic growth.
