Abuja is Looking for People to Manage its Remittances

Nigeria is seeking fund managers for a planned $10 billion diaspora fund that is aimed at attracting dollar inflows and foreign investment into the economy. The fund seeks to pool together billions of dollars remitted monthly by its citizens oversees for local investments, including infrastructure, healthcare and education. The trade ministry tender said prospective fund managers must have had verifiable business in Nigeria in the past five years, have a record of raising capital and managing large and profitable venture capital funds. Last year, Nigeria is estimated to have received in excess of $20 billion in diaspora remittances, according to the World Bank. The expected investment period is for three to five years with follow on investment thereafter. The life of the fund will be 10 years and could be extended for a further two years, the government said.

REUTERS