Rita Odafe
A group of 23 fund managers has been officially appointed by the Federal government to oversee the $10 billion Nigeria Global Investment Fund (NGIF).
This move is in line with Nigeria’s efforts to attract investments, both local and international, into key sectors of the economy such as agriculture, manufacturing, energy, infrastructure, and fintech.
The NGIF is a key component of Nigeria’s industrial revitalization plan led by the Federal Ministry of Industry, Trade, and Investment.
The main goal of the fund is to diversify the country’s economy by reducing its dependency on oil revenues and fostering sustainable economic growth that benefits all.
Structured as an umbrella entity, the NGIF comprises various sub-funds, each dedicated to crucial sectors essential for Nigeria’s development.
The selection of these 23 fund managers underwent a strict evaluation process supervised by the Securities Exchange Commission (SEC).
The appointed managers, coming from reputable firms like AFC, Coronation Asset Management, Stanbic IBTC, AIICO Capital, and FBNQuest Asset Management, were chosen based on criteria like managing public-sector partnerships, financial stability, international investment expertise, and commitment to ESG principles.
These fund managers will oversee individual sub-funds within the NGIF, divided into 14 sectors focused on driving Nigeria’s economic progress and generating employment opportunities.
Each sub-fund, aimed at raising around $500 million, contributes to the overall target of mobilizing $10 billion in the NGIF’s initial stage.
Aligned with the Renewed Hope Agenda, the NGIF plays a crucial role in Nigeria’s ambition to develop a $1 trillion economy within the next ten years.
In addition to the NGIF, the Federal Ministry of Industry, Trade, and Investment is also managing the Nigeria Diaspora Fund, an initiative seeking to establish a $10 billion private sector-led investment fund targeting multiple sectors.
This move signifies Nigeria’s commitment to maximizing both local and international investments to drive sustainable economic growth and prosperity.
