The Lagos Chamber of Commerce and Industry has called on the newly appointed managers of the $10 billion Nigeria Global Investment Fund to ensure accountability.
The LCCI emphasized that the 23 selected companies must adhere to rigorous standards as they develop frameworks to drive investment, according to The Punch.
On Tuesday, the Federal Government announced the selection of 23 fund managers from 55 applications received by the Ministry of Industry, Trade, and Investment.
The evaluation was conducted by the Securities Exchange Commission.
The chosen firms, including AFC, Coronation Asset Management, Stanbic IBTC, AIICO Capital, and FBNQuest Asset Management, were selected for their extensive experience in managing public-sector partnerships.
The NGIF aims to channel capital into Nigeria’s real sector, reducing the country’s reliance on oil.
Fund managers are tasked with raising an average of $500 million across 14 sub-funds covering sectors such as automotive, agriculture, pharmaceuticals, energy, fintech, real estate, and more.
The Director-General of the LCCI, Dr. Chinyere Almona, highlighted the need for a robust implementation framework, suggesting direct engagement with businesses in each sub-fund area through business groups and chambers.
She also recommended periodic reporting on the fund managers’ activities to keep investors and businesses informed about the NGIF.
Meanwhile an economist and former President of the Chartered Institute of Banking of Nigeria, Prof. Segun Ajibola, echoed similar sentiments regarding the need for oversight and transparency in the management of the $10 billion investment fund.
Ajibola said that some of the named institutions had global experience and their approach would be different from bureaucrats and politicians.
He noted that the success of the fund managers would be when the funds are driven down to the direct sector operators.
“It is hoped that the funds will be in place and they will be able to drive down to the field workers and foot soldiers that operate in those respective sectors so that they will impact the source.
“Not passing funds through a ministry that will go to an agency; that will go to another layer and by the time you are talking about those who are operators in that sector, there will be little or nothing to account for,” he added.
The economist urged the fund managers to uphold integrity and ethics to ensure the fund’s success and make a meaningful impact.
