THE Federal Ministry of Industry, Trade, and Investment has extended the deadline for companies interested in managing the $10 billion diaspora fund to apply.
The deadline has been moved from May 6 to May 13, 2024.
The minister, Doris Nkeiruka Uzoka-Anite, disclosed this in a circular on Thursday, May 2, in Abuja.
Read Also:
- Diaspora remittances lifeline to forex stability — Experts
- Nigerians can now receive diaspora remittances in naira – CBN
- Why we fled Nigeria – Diasporans
Uzoka-Anite stated that the extension was designed to allow stakeholders additional time to adequately prepare their applications following the guidelines established for the fund.
The minister urged prospective applicants to utilise the extra time to complete their submissions, ensuring they are thorough and competitive.
“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) for 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 by the guidelines provided for the $10 billion Nigeria diaspora fund,” the minister stated.
She noted that the EOI was open to fund managers interested in developing and establishing 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),” she further said.
The minister had earlier invited eligible firms to indicate interest in providing services as Nigeria diaspora fund managers.
The minister made the announcement on her X account.
She disclosed that the fund managers would be responsible for developing and establishing a multi-sectoral, multilateral, private sector-led investment fund to form the $10 billion Nigeria diaspora fund.
Last year, Nigeria was estimated to have received more than $20 billion in diaspora remittances, according to the World Bank.
Informed analysts said the fund could serve as Nigeria’s support facility and hedge fund, supporting Nigeria’s naira appreciation amid the current foreign exchange fluctuation.
“The fund will support the strengthening of Nigeria’s foreign reserve and serve as a hedge for Nigeria’s fluctuating exchange rate,” a development economist, Celestine Okeke, told The ICIR.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.