The Federal Ministry of Industry, Trade and Investment (FMITI) recently launched a 10 billion dollar diaspora fund urging eligible firms to indicate interest in providing services as managers.
The announcement was made by the Minister of Industry, Trade and Investment, Doris Nkiruka Uzoka-Anite during the week.
According to her the ministry initiated the policy to foster investment in the private sector and inject foreign direct investments into the Nigerian economy.
Further to this, a committee to design and develop the framework for a Diaspora Fund has been established.
The Minister further highlighted that diverse stakeholders in the capital markets, investment community, and diaspora investors were actively engaged and consulted regarding the creation of the $10 billion Nigeria Diaspora Fund.
She said the Fund would be designed and managed by the Fund Managers chosen during the Expression of Interest (EOI) process.
She said that issuing EOI marks a crucial milestone in enlisting capable fund managers to drive the creation and operation of the multisectoral investment fund led by the private sector.
Below are 10 key requirements for companies to engage in the $10 billion Nigeria Diaspora Fund:
1. The firm’s profile, including incorporation details, ownership structure, management team profiles, historical performance, and branch contact details must be provided for application where applicable.
2. The firm must show evidence of the availability of appropriate skills among staff to be offered for the assignment.
3. The firm must provide a summary of successfully exited investments in the last 3 years with key information on the company, exit strategy adopted, fund/investment size, and Internal Rate of Return (IRR) of the Fund.
4. The firm must provide a list of existing investments with the following information:
- Sector focus.
- Brief description of the investee company including growth stage and performance.
- Type of investment.
- Target IRR.
- Fund term.
- Status of the investee company.
5. The Submission must clearly state that your firm is interested in the Nigeria Diaspora Fund with justification.
6. The firm must possess existing relationships and network with relevant local and foreign investors.
7. The firm must possess a clear geographic understanding of all the states and the six geopolitical zones in Nigeria as well as the funding landscape of the respective zones.
8. The firm must demonstrate the ability to effectively profile the opportunity sphere across all the thirty-six states and the Federal Capital Territory.
9. The firm must always be available to coordinate and direct requests for funding from interested businesses throughout the country.
10. Potential applicants are expected to submit their full application as a single file in the hardcopy directory and a PDF format of a virtual copy in a USB memory stick by May 6, 2024, and mention “EXPRESSION OF INTEREST: NIGERIA DIASPORA FUND,” to the following address:
Federal Ministry of Trade, Industry and Investment,
12th Floor, Bank of Industry Building, Abuja
Email: Nigeriadiasporafund@fmiti.gov.ng
Website: www.nigeriadiasporafund.gov.ng
