Economy

FG announces $10bn diaspora fund to attract investment

Published

9 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 Exchange Rates Black Market Dollar To Naira Exchange Rate In Lagos, FCT, 28 January 2025

Published

18 hours ago

January 28, 2025

Naijablitznews

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Tuesday, January 28, 2024.

Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 28 January 2025.

The official naira black market exchange rate in Lagos and FCT, Abuja today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

According to Bureau De Change (BDC) sources in the Ogba and Ikeja axis of Lagos state, the exchange rate for a dollar to naira at the Parallel Market (Black Market) is N1700 on Tuesday, January 28, 2024, players bought a dollar for N1685 and sold it for N1700.

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Tuesday, January 28, 2024.

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 Lagos
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1685
Selling Rate N1700
Dollar to Naira Black Market Rate FCT, Abuja
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1685
Selling Rate N1700
Please note that the rates you buy or sell forex may differ from what is captured in this article because prices vary from state to state across Nigeria.

Economy

Naira rebounces against US Dollar, gains N10

Published

21 hours ago

January 28, 2025

Naijablitznews

The Nigerian Naira appreciated against the dollar in the parallel exchange market on Monday, recording a gain of ₦10.

A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, disclosed to DAILY POST that the Naira strengthened to ₦1,650 per dollar on Monday, compared to ₦1,660 recorded last Friday.

This improvement in the parallel market indicates a positive development for the local currency, which has faced persistent challenges in recent months.

However, in the official foreign exchange market, the Naira experienced a slight drop. According to data from the Financial Markets Dealers Quotation (FMDQ), the currency traded at ₦1,533.63 per dollar on Monday, compared to ₦1,531.20 last Friday, reflecting a marginal depreciation of ₦2.43.

The Naira’s performance continues to show mixed sentiments across different market segments. While the parallel market has seen a modest gain, the official window reflects a slight loss. This volatility underscores ongoing challenges despite efforts by the Central Bank of Nigeria (CBN) to stabilize the currency.

Recent Trends
Over recent months, the Naira has fluctuated in value due to a combination of factors, including fluctuating forex demand, limited dollar supply, and monetary policy adjustments. The CBN’s interventions, including forex reforms and measures to improve liquidity, have aimed to address these issues, though the currency continues to experience periodic pressure.

Economy

We’ll fix economy, security , fight corruption — VP Shettima

Published

1 day ago

January 28, 2025

Kayode Sanni-Arewa

Vice President Kashim Shettima has assured Nigerians of the commitment of the ruling All Progressives Congress, APC, administration to fight corruption, fix the economy, improve national cohesion and strengthen the independence of the judiciary.

Shettima gave this assurance at the national conference on strengthening democracy in Nigeria on Monday in Abuja.

The conference themed, ‘Strengthening Nigeria’s democracy: Pathways to good governance and political integrity’,was organised by the African Centre for Leadership, Strategy and Development.

Shettima, who was represented by his Special Adviser on political issues, Hakeem Baba-Ahmed, admitted that while democracy is not a perfect system, compared to others, it is the best form of government.

“We will listen and adjust where necessary, and we will account for our stewardship in all matters our challenging democratic systems demand.

“I am convinced that Nigeria shall rise again, answer to its full potential and lead the way to a future that has learnt lessons from a difficult past into a world in which our country will be a key player, and our young will be active champions of a democratic system because it speaks to them.

“It has been said many times that democracy is an imperfect system, yet superior to all others.

“We will continue to seek to provide evidence of the values of the democratic systems by, among others, fixing major weaknesses of our economy, securing our communities, fighting corruption, supporting free and fair elections, strengthening the independence of the judiciary and improving national cohesion,” he said.

Shettima urged Nigerians to support the current administration in this challenging but ultimately rewarding journey, dtressing that the Bola Tinubu administration has a major interest in the quality of the democratic system.