Economy

FG announces $10bn diaspora fund to attract investment

Published

11 months ago

April 27, 2024

The federal government has announced plans to set up a $10 billion diaspora fund to attract investment from citizens.

In a post on X on Thursday, Doris Uzoka-Anite, minister of industry, trade and investment, said the federal government is seeking bids from asset managers to set up the fund.

The initiative, the minister said, is expected to support critical sectors including infrastructure, health care and education to grow the economy.

Uzoka-Anite said the fund will be guided by an advisory board comprising limited partners, calling on eligible firms to express their interest in its management.

“The fund is part of broader efforts to strengthen ties between Nigeria and its diaspora, promote national development,” she said.

“Objective of the Nigeria diaspora fund; The fund will be managed by Fund Managers that satisfy the criteria set out in the Expression Of Interest (EOI). The Fund manager will propose Fund structures that will focus on various sectors and stages of investments.

“Subject to the preferences indicated by fund managers, the fund will contain multiple investment platforms designed to offer investors different mechanisms for participating in Nigeria’s economic transformation.

“This fund is a way of encouraging remittances, attracting investments and facilitating philanthropic endeavors aimed at supporting various sectors such as infrastructure, healthcare, education and entrepreneurship in Nigeria.

“The launch of the diaspora fund will serve as an opportunity to raise interest in and awareness of the fund: towards mobilizing capital investment from the diaspora community.”

Uzoka-Anite said the fund managers will be responsible for designing investment platforms focused on the aforementioned sectors.

“The fund presents an opportunity for diaspora investors to contribute meaningfully to Nigeria’s socio-economic advancement,” Uzoka-Anite said.

“As part of this process, a committee was set up to design and develop the structure for a diaspora fund.

“Various stakeholders in the capital markets, investment community and diaspora investors were engaged and also consulted on the establishment of the $10 billion Nigeria Diaspora Fund.

“The expected investment period is for three to five years with follow on investments thereafter. The life of the fund will be 10 years (extendable by 2 years).

“The launch of the diaspora fund is poised to raise awareness and mobilize capital investment from the diaspora community, marking a significant milestone in Nigeria’s journey towards sustainable economic prosperity.”

Uzoka-Anite also noted that the proposed asset offering could take the shape of infrastructure, credit, and venture capital funds.

The minister said interested firms, including joint ventures and greenfield funds, are encouraged to apply by May 6.

On April 3, the federal government said it plans to start issuing domestic foreign currency-denominated bonds from the second quarter (Q2) of 2024.

The federal government, on April 21, said plans are afoot to issue a diaspora bond to boost remittances.

Economy

SEE Black Market Dollar (USD) To Naira (NGN) Exchange Rate

Published

1 hour ago

March 12, 2025

Naijablitznews

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for ₦1575 and sell at ₦1580 on Tuesday 11th March, 2025, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦1575
Selling Rate ₦1580
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1540
Lowest Rate ₦1512
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Economy

Overview of Dollar to Naira Exchange Rate: Key Insights, Trends as of March 11, 2025

Published

9 hours ago

March 12, 2025

Admin

Understanding the dynamics of the foreign exchange market is crucial for individuals and businesses engaged in international transactions. The exchange rate between the U.S. Dollar (USD) and the Nigerian Naira (NGN) has experienced notable fluctuations in recent times. This article provides an overview of the current exchange rates, historical trends, and factors influencing these changes as of Tuesday, March 11, 2025.

Current Exchange Rates

As of March 11, 2025, the exchange rates are as follows:

Date Official Exchange Rate (USD to NGN): 1 USD = 1,559.65 NGN

Black Market Rate (USD to NGN): 1 USD = 1,561.00 NGN11-03-2025

Note: The official exchange rate is sourced from historical data, while the black market rate is based on user-reported information.

Recent Trends and Fluctuations

Over the past week, the USD/NGN exchange rate has exhibited the following movements:

High: 1 USD = 1,559.65 NGN on 11-03-2025
Low: 1 USD = 1,493.99 NGN on 04-03-2025

The most significant 24-hour change occurred on 11-03-2025, with a 2.118% increase in value. 

Factors Influencing the Exchange Rate

Several factors have contributed to the recent fluctuations in the USD/NGN exchange rate:

Oil Prices: Nigeria’s economy is heavily reliant on oil exports. Variations in global oil prices directly impact foreign exchange earnings, influencing the Naira’s value.

Inflation Rates: Higher domestic inflation can erode the Naira’s purchasing power, leading to depreciation against the USD.

Monetary Policy: Decisions by the Central Bank of Nigeria regarding interest rates and foreign exchange interventions play a pivotal role in stabilizing the Naira.

Political Stability: Political events and policy decisions can affect investor confidence, thereby impacting currency value.

Implications for Stakeholders
Importers and Exporters: Fluctuating exchange rates can affect the cost of goods and services, influencing profit margins.

Investors: Currency volatility may impact returns on investments denominated in foreign currencies.

General Public: Exchange rate movements can affect the prices of imported goods, thereby influencing the cost of living.

Conclusion

Staying informed about exchange rate trends is essential for effective financial planning and decision-making. As of March 11, 2025, the USD to NGN exchange rate reflects both global economic conditions and domestic factors. Individuals and businesses are advised to monitor these trends closely and consult financial experts when making currency-related decisions.

Disclaimer: Exchange rates are subject to continuous change.

Economy

See list: China, India lead as Nigeria’s major trading partners Q4, 2024

Published

9 hours ago

March 12, 2025

Admin

China and India have emerged as Nigeria’s largest sources of imports in 2024.

According to the latest trade report from the National Bureau of Statistics (NBS), China remains Nigeria’s top import partner, while India follows.

The bulk of these imports include electronics, machinery, textiles, and industrial equipment, which are crucial to Nigeria’s manufacturing and technology sectors.

India’s contributions are particularly significant in pharmaceuticals, industrial raw materials, and processed food products.

A breakdown of Q4 2024 trade data highlights China’s continued dominance in Nigeria’s import market.

The top five sources of imports for the fourth quarter were:

China – N4.61 trillion (27.80% of total imports)
India – N1.90 trillion (11.43%)
Belgium – N1.39 trillion (8.35%)
United States – N1.06 trillion (6.36%)
France – N601.28 billion (3.62%)