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NEWS

Ministry Extends Deadline for Submission of Nigeria Diaspora Fund Management Proposals

May 3, 2024 • 3 min read

3rd May 2024

The Federal Ministry of Industry, Trade, and Investment has extended the date for the submission of Expression of Interest for the $10 billion Nigeria Diaspora Fund to May 13, 2024.

This was according to a statement by the Minister, Doris Uzoka-Anite, on Thursday.

According to information on the ministry’s website, the Diaspora Fund is a government-enabled, private-sector-led initiative of the ministry.

The Fund, which would be established by private sector fund managers selected through a competitive bidding process, is a way of encouraging remittances, attracting investments, and facilitating philanthropic endeavours aimed at supporting various sectors such as agriculture, infrastructure, healthcare, education, and entrepreneurship in Nigeria.

The statement, dated May 2, 2024, titled ‘Public Notice: Extension of Deadline for Expression of Interest’ noted that the extension was to give interested fund managers more time to prepare robust and competitive proposals for the fund.

Recall that the Federal Government, last week, announced plans to set up a $10 billion diaspora fund to attract investment from citizens living abroad.

Uzoka-Anite announced in a statement on X.com that the FG was seeking bids from asset managers to set up the fund.

The minister who tweets as @DrDorisAnite 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 the diaspora to drive Nigeria’s economic growth. Partners interested in managing this transformative initiative should see below for details or visit http://nigeriadiasporafund.gov.ng.”

Announcing the new submission deadline, the statement by the ministry reads, “The Federal Ministry of Industry, Trade, and Investment wishes to inform all interested parties that the deadline for the submission of Expressions of Interest (EOI) or the Nigeria Diaspora Fund has been extended.

“The new submission deadline is May 13, 2024. This extension is intended to accommodate stakeholders who require more time to prepare their applications in accordance with the guidelines provided for the $10 billion Nigeria Diaspora Fund. The EOI is open to Fund Managers interested in the development and establishment of a multisectoral, multilateral private sector-led investment fund.

“We encourage prospective applicants to use this additional time to finalise their submissions that meet the outlined criteria,
ensuring comprehensive and competitive proposals. For further inquiries or additional information, please contact the Federal Ministry of Industry, Trade, and Investment during office hours (8:00 AM to 5:00 PM) at Area 1, Garki, Federal Ministry of Industry, Trade, and Investment, Old Federal Secretariat, Abuja, FCT. Email: Nigeriadiasporafund@fmiti gov. ng, Website: www.nigeriadiasporafund.gov.ng.

“We thank all interested parties for their continued interest and participation in this initiative aimed at harnessing diaspora resources for national development.”