Source: The Sun Nigeria
The Federal Government of Nigeria has appointed 23 fund managers to lead the $10 billion Nigeria Global Investment Fund (NGIF), a groundbreaking initiative designed to attract both international and domestic investments into the country’s key economic sectors, including agriculture, manufacturing, energy, infrastructure, and fintech.
As detailed in a presentation document obtained by Nairametrics, the NGIF is a central element of Nigeria’s broader industrial revitalization strategy, coordinated by the Federal Ministry of Industry, Trade, and Investment. The fund is envisioned as a vital mechanism to diversify Nigeria’s economy, reducing its reliance on oil revenues and steering it toward a more sustainable and inclusive growth model.
The NGIF functions as an umbrella entity, incorporating a series of sub-funds, each dedicated to critical sectors essential to Nigeria’s development. This structure ensures that investments are well-targeted, impactful, and in line with the country’s long-term economic objectives.
The selection process for the 23 fund managers was thorough, conducted under the oversight of the Securities Exchange Commission (SEC). From an initial pool of 55 applicants, these managers were selected based on stringent criteria, including their experience in managing public-sector partnerships, financial strength, international investment capabilities, and a strong commitment to Environmental, Social, and Governance (ESG) principles.
The appointed managers include prominent firms such as AFC, Coronation Asset Management, Stanbic IBTC, AIICO Capital, and FBNQuest Asset Management. Each firm will manage specific sub-funds within the NGIF, which is organized into 14 distinct sub-funds and 49 individual funds, all aimed at driving Nigeria’s economic transformation.
These 14 sub-funds will target 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 expected to raise approximately $500 million, contributing to the NGIF’s ambitious goal of mobilizing $10 billion in its initial phase.
This initiative is a key 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) 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, emphasized the importance of leveraging the financial resources of the Nigerian diaspora to accelerate 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 wide participation.
These strategic initiatives represent a significant milestone in Nigeria’s quest to become a major economic powerhouse, harnessing both domestic and international investments to fuel sustainable development and prosperity.
