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In a bid to harness the financial resources and expertise of its diaspora community, Nigeria has unveiled plans to establish a groundbreaking $10 billion investment fund. Spearheaded by the Ministry of Industry, Trade, and Investment, the initiative aims to catalyze private sector-led development projects across various sectors of the economy.
Announcing the ambitious endeavor, Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, highlighted the pivotal role of the Nigerian diaspora in driving economic progress. Through the establishment of the Nigeria Diaspora Fund, the government seeks to tap into this reservoir of talent and capital to fuel growth and innovation on the home front.
The fund, slated for a three to five-year investment period, will be managed by selected fund managers tasked with identifying and nurturing high-impact ventures. With a lifespan initially set at 10 years, extendable by two years, the fund aims to provide sustained support for transformative projects with long-term benefits.
Expressing confidence in the potential of the diaspora fund to spur economic revitalization, Uzoka-Anite emphasized the importance of transparency and accountability in its management. Eligible firms interested in overseeing the fund are invited to submit expressions of interest, either independently or as part of a consortium, ensuring a competitive selection process.
The Nigeria Diaspora Fund represents a landmark initiative in the nation’s quest for sustainable development. By tapping into the ingenuity and resources of its diaspora community, Nigeria aims to unlock new avenues for growth and prosperity, heralding a brighter future for generations to come.
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