{"id":2321,"date":"2024-08-28T17:50:23","date_gmt":"2024-08-28T17:50:23","guid":{"rendered":"https:\/\/beadysword.com.ng\/blog\/?p=2321"},"modified":"2024-08-28T18:21:24","modified_gmt":"2024-08-28T18:21:24","slug":"fg-appoints-23-managers-to-lead-10-billion-global-investment-fund","status":"publish","type":"post","link":"https:\/\/beadysword.com.ng\/blog\/2024\/08\/28\/fg-appoints-23-managers-to-lead-10-billion-global-investment-fund\/","title":{"rendered":"FG Appoints 23 Managers To Lead $10 Billion Global Investment Fund"},"content":{"rendered":"
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These sectors include agriculture, manufacturing, energy, infrastructure, and fintech.<\/p>\n

According to a document made available to newsmen, the NGIF is a cornerstone of Nigeria\u2019s broader industrial revitalization strategy, orchestrated by the Federal Ministry of Industry, Trade, and Investment.<\/p>\n

The fund aims to diversify the nation\u2019s economy by reducing its reliance on oil revenues and promoting sustainable, inclusive economic growth.<\/p>\n

The NGIF operates as an umbrella entity, comprising a series of sub-funds, each dedicated to vital sectors of Nigeria\u2019s development.<\/p>\n

This structure ensures that investments are directed towards impactful projects that align with the country\u2019s long-term economic goals.<\/p>\n

The selection of the 23 fund managers followed a rigorous process overseen by the Securities Exchange Commission (SEC).<\/p>\n

Out of an initial pool of 55 applicants, these managers were selected based on stringent criteria, including their experience in managing public-sector partnerships, financial stability, international investment capabilities, and adherence to Environmental, Social, and Governance (ESG) principles.<\/p>\n

The roster of appointed managers features esteemed firms such as AFC, Coronation Asset Management, Stanbic IBTC, AIICO Capital, and FBNQuest Asset Management.<\/p>\n

Each firm will oversee specific sub-funds within the NGIF, which is structured into 14 distinct sub-funds and 49 individual funds, all geared towards driving Nigeria\u2019s economic transformation.<\/p>\n

These 14 sub-funds will focus on sectors identified for their high potential to drive economic transformation and job creation.<\/p>\n

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.<\/p>\n

Each sub-fund is tasked with raising approximately $500 million, contributing to the NGIF\u2019s ambitious target of mobilizing $10 billion in its first phase.<\/p>\n

The initiative is a key part of Nigeria\u2019s broader strategy to build a $1 trillion economy within the next decade, as outlined in the Renewed Hope Agenda.<\/p>\n

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.<\/p>\n

The announcement, made by the Minister of Industry, Trade and Investment, Doris Nkiruka Uzoka-Anite, via her X account, highlighted the importance of tapping into the financial resources of the Nigerian diaspora to fuel the nation\u2019s economic growth.<\/p>\n

The ministry also extended the application deadline for prospective managers of the Diaspora Fund from May 6 to May 13, 2024, to ensure broad participation.<\/p>\n

These strategic initiatives mark a significant step in Nigeria\u2019s journey towards becoming a major economic powerhouse, leveraging both domestic and international investments to drive sustainable development and prosperity.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

These sectors include agriculture, manufacturing, energy, infrastructure, and fintech. According to a document made available to newsmen, the NGIF is a cornerstone of Nigeria\u2019s broader industrial revitalization strategy, orchestrated by the Federal Ministry of...<\/p>\n","protected":false},"author":2,"featured_media":2322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2321","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=2321"}],"version-history":[{"count":1,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2321\/revisions"}],"predecessor-version":[{"id":2323,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2321\/revisions\/2323"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media\/2322"}],"wp:attachment":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=2321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=2321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=2321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}