Federal Government Names 23 Executives To Oversee $10 Billion Global Investment Fund

 Federal Government Names 23 Executives To Oversee $10 Billion Global Investment Fund....KINDLY READ THE FULL STORY HERE▶

The Federal Government of Nigeria has appointed 23 fund managers to oversee the $10 billion Nigeria Global Investment Fund (NGIF), a key initiative designed to attract both international and domestic investments into critical sectors of the Nigerian economy……CONTINUE READING

The NGIF focuses on sectors such as agriculture, manufacturing, energy, infrastructure, and fintech. This fund is a central element of Nigeria’s broader industrial revitalization strategy, which is being led by the Federal Ministry of Industry, Trade, and Investment.

The primary goal of the NGIF is to diversify Nigeria’s economy by reducing its dependence on oil revenues and fostering sustainable, inclusive economic growth. The fund operates as an umbrella entity, comprising a series of sub-funds, each dedicated to key sectors that are vital to Nigeria’s long-term development. This structure ensures that investments are channeled into projects that align with the country’s strategic economic objectives.

The selection process for the 23 fund managers was rigorous, overseen by the Securities Exchange Commission (SEC). From an initial pool of 55 applicants, the chosen managers were selected based on strict criteria, including their expertise in managing public-sector partnerships, financial stability, international investment capabilities, and adherence to Environmental, Social, and Governance (ESG) principles. Among the selected firms are prominent names such as AFC, Coronation Asset Management, Stanbic IBTC, AIICO Capital, and FBNQuest Asset Management.

Each of these firms will manage specific sub-funds within the NGIF, which is structured into 14 distinct sub-funds and 49 individual funds. These sub-funds are focused on sectors identified for their high potential to drive economic transformation and job creation, including Automotive/Light Manufacturing, Agriculture, Pharmaceuticals/Healthcare, Oil & Gas, Energy, Fintech/Banking, Heavy Industries, Real Estate, Mines/Solid Minerals, Creative Economy/Tourism, Aviation, Infrastructure, Education, and IT.

Each sub-fund is tasked with raising approximately $500 million, contributing to the NGIF’s ambitious goal of mobilizing $10 billion in its first phase. This initiative is a critical component of Nigeria’s broader strategy to build a $1 trillion economy within the next decade, as outlined in the Renewed Hope Agenda.

In April 2024, the Federal Ministry of Industry, Trade and Investment (FMITI) also issued a call for expressions of interest from firms to manage the Nigeria Diaspora Fund, a related initiative aimed at establishing a $10 billion multi-sectoral, private sector-led investment fund. The Minister of Industry, Trade and Investment, Doris Nkiruka Uzoka-Anite, announced this via her X account, emphasizing the importance of harnessing the financial resources of the Nigerian diaspora to support the nation’s economic growth. The ministry extended the application deadline for potential managers of the Diaspora Fund from May 6 to May 13, 2024, to encourage broader participation.

These strategic initiatives represent significant progress in Nigeria’s efforts to become a major economic powerhouse, leveraging both domestic and international investments to achieve sustainable development and prosperity.

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