• Monday, May 27, 2024
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How entrepreneurs can tap $10bn diaspora fund in 10 steps

Investment, job creation, others top discourse at Nigerian Diaspora summit in London

The Federal Ministry of Industry, Trade and Investment has launched a $10 billion Nigerian Diaspora Fund for eligible entrepreneurs to encourage investment in the private sector and inject foreign direct investment into the Nigerian economy.

The policy was launched by Doris Nkiruka Uzoka-Anite, minister of Industry, Trade and Investment on Thursday.

“The federal government established a committee to design and develop the framework for a Diaspora Fund and various stakeholders in the capital markets, investment community and diaspora investors were actively involved and consulted on the establishment of the $10 billion Nigerian Diaspora Fund,” he said.

He added that the Fund would be designed and managed by the Fund Managers chosen during the Expression of Interest (EOI) process.

“The issuance of the EOI marks a crucial milestone in recruiting capable fund managers to drive the creation and operation of the private sector-led multi-sector investment fund,” he said.

Here are 10 top requirements for businesses to participate in the $10 billion Nigerian Diaspora Fund

1. Company profile, including incorporation details, ownership structure, management team profiles, historical performance and branch contact details, must be provided for your application where applicable.

2. Relevant skills among the personnel who will be offered for the assignment.

3. A summary of investments made successfully in the last 3 years with key information about the company, the exit strategy adopted, the size of the fund/investment and the internal rate of return (IRR) of the Background.

4. The company must provide a list of existing investments with Sectoral focus, Brief description of the investee company including stage of growth and performance, Type of investment, Target IRR, fund term and situation of the investee company.

5. The Submission must clearly state that your company is interested in the Nigerian Diaspora Fund and with justification.

6. The company must have existing relationships and establish contacts with relevant local and foreign investors.

7. A clear geographical understanding of all the states and the six geopolitical zones of Nigeria, as well as the financing landscape of the respective zones is also required.

8. Ability to effectively profile the sphere of opportunities in the thirty-six states and the Federal Capital Territory.

9. Be available to coordinate and direct financing requests from interested companies in the country.

10. Potential applicants are expected to submit their completed application as a single file in the printed directory and in PDF format as a soft copy on a USB flash drive before May 6, 2024, and mention “EXPRESSION OF INTEREST: NIGERIAN DIASPORA FUND”, to Federal Ministry of Trade, Industry, and Investment, 12th Apartment, Bank of Industry Building, Abuja. Email: [email protected]. Website: www.nigeriadiasporafund.gov.ng