In an ambitious move to bolster its economy, Nigeria is currently on the lookout for skilled fund managers to steer a newly proposed $10 billion diaspora fund. This initiative aims to harness the significant financial contributions of Nigerians living abroad to fuel investments in key sectors such as infrastructure, healthcare, and education.

With the World Bank reporting over $20 billion in diaspora remittances to Nigeria last year, the government sees a golden opportunity to channel these funds into sustainable local development. The planned diaspora fund is a strategic effort to attract more dollar inflows and foreign investments, which are crucial under the current economic strain marked by foreign currency shortages and a struggling naira.

The Ministry of Industry and Trade has issued a public notice calling for experienced fund managers. The role involves comprehensive fund setup, including legal, operational, financial, and administrative frameworks. Prospective candidates should have a robust track record in Nigeria, showcasing substantial experience in raising capital and managing profitable venture capital funds.

The fund, set to operate over a decade with a possible two-year extension, is looking at an initial investment period of three to five years, followed by subsequent investments. This timeline reflects the government's commitment to long-term economic growth fueled by diaspora engagement.

Further strengthening this approach, Minister Doris Anite highlighted the initiative as an "unprecedented opportunity" for the Nigerian diaspora to actively participate in the country's economic advancement. Additionally, Nigeria is planning to issue diaspora bonds later this year, aiming to increase foreign exchange inflows further and alleviate the ongoing pressure on the naira.

This new diaspora fund represents a critical step towards leveraging the economic potential of Nigerians abroad. By fostering significant investment in essential services and facilities, Nigeria aims to create a more resilient and diversified economy.