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Nigerian firms to bid for $10 Billion Diaspora Investment Fund management

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Nigerian firms invited to manage a new $10 Billion Diaspora Investment Fund aimed at economic development and attracting capital.

The Nigerian Federal Ministry of Industry, Trade, and Investment has extended an invitation to firms to bid as managers for its $10 billion Diaspora Fund. This announcement was made by the Minister of Industry, Trade, and Investment, Doris Nkiruka Uzoka-Anite, through an official. The managers will be tasked with identifying and nurturing ventures with high impact. The fund, set to run for three to five years, was set up to attract capital.

This is not the first time the government has sought to leverage the diaspora’s financial resources for its economic development. In the last few years, there has been a growing recognition of the significant role of diaspora remittances in Nigeria’s economy. According to the World Bank’s Migration and Development, Nigeria consistently ranks among the top recipients of remittances globally. In 2021 alone, Nigeria received an estimated $24.

 

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