The Federal government has confirmed the appointment of 23 fund managers to oversee the $10 billion Nigeria Global Investment Fund (NGIF).
This initiative is a major part of the country’s strategy to attract both international and domestic investments into critical sectors of the Nigerian economy.
These sectors include agriculture, manufacturing, energy, infrastructure, and fintech.
According to a document made available to newsmen, the NGIF is a cornerstone of Nigeria’s broader industrial revitalization strategy, orchestrated by the Federal Ministry of Industry, Trade, and Investment.
The fund aims to diversify the nation’s economy by reducing its reliance on oil revenues and promoting sustainable, inclusive economic growth.
The NGIF operates as an umbrella entity, comprising a series of sub-funds, each dedicated to vital sectors of Nigeria’s development.
This structure ensures that investments are directed towards impactful projects that align with the country’s long-term economic goals.
The selection of the 23 fund managers followed a rigorous process overseen by the Securities Exchange Commission (SEC).
Out of an initial pool of 55 applicants, these managers were selected based on stringent criteria, including their experience in managing public-sector partnerships, financial stability, international investment capabilities, and adherence to Environmental, Social, and Governance (ESG) principles.
The roster of appointed managers features esteemed firms such as AFC, Coronation Asset Management, Stanbic IBTC, AIICO Capital, and FBNQuest Asset Management.
Each firm will oversee specific sub-funds within the NGIF, which is structured into 14 distinct sub-funds and 49 individual funds, all geared towards driving Nigeria’s economic transformation.
These 14 sub-funds will focus on sectors identified for their high potential to drive economic transformation and job creation.
The priority sectors include 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 target of mobilizing $10 billion in its first phase.
The initiative is a key part 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) 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 announcement, made by the Minister of Industry, Trade and Investment, Doris Nkiruka Uzoka-Anite, via her X account, highlighted the importance of tapping into the financial resources of the Nigerian diaspora to fuel the nation’s economic growth.
The ministry also extended the application deadline for prospective managers of the Diaspora Fund from May 6 to May 13, 2024, to ensure broad participation.
These strategic initiatives mark a significant step in Nigeria’s journey towards becoming a major economic powerhouse, leveraging both domestic and international investments to drive sustainable development and prosperity.
