The Federal Government of Nigeria has appointed 23 fund managers to oversee the $10 billion Nigeria Global Investment Fund, a key initiative designed to channel both international and local capital into critical sectors of the economy.
In the presentation documents, the NGIF will target investments in agriculture, manufacturing, energy, infrastructure, and fintech, according to Nairametrics.
The fund, established by the Federal Ministry of Industry, Trade, and Investment, is a cornerstone of Nigeria’s industrial revitalization strategy. This strategy aims to diversify the economy by reducing its heavy reliance on oil revenues, positioning these sectors as new growth engines.
The appointment of these fund managers is a significant step toward achieving the fund’s ambitious objectives, signaling the government’s commitment to transforming Nigeria’s economic landscape.
The fund is structured as an umbrella entity, housing multiple sub-funds, each dedicated to specific sectors critical to Nigeria’s development.
According to the document, the selection of fund managers followed a rigorous evaluation process overseen by the Securities Exchange Commission.
Out of 55 applications, 23 fund managers have been selected to manage the Global Investment Fund.
The selection was based on their experience with public-sector partnerships, financial stability, international investment expertise, and adherence to Environmental, Social, and Governance principles.
The selected fund managers includes notable firms such as AFC, Coronation Asset Management, Stanbic IBTC, AIICO Capital, and FBNQuest Asset Management, among others.
These fund managers will each oversee specific sub-funds within the NGIF, which has been structured to house 14 distinct sub-funds and 49 individual funds.
The NGIF will be divided into 14 sub-funds, each targeting priority sectors including 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 an average of $500 million, contributing to the overarching goal of raising $10 billion in the first phase of the NGIF.
Recall, it was previously reported that the Federal Ministry of Industry, Trade, and Investment (FMITI) had invited eligible firms to express their interest in providing management services for the Nigeria Diaspora Fund.
This was disclosed in a post by the Minister of Trade and Investment, Doris Nkiruka Uzoka-Anite via her X account.
According to the minister, the selected fund managers will be tasked with developing and establishing a multi-sectoral, multilateral, private sector-led investment fund, which will constitute the $10 billion Nigeria Diaspora Fund.
