Nigeria Expects $3 Billion in Diaspora Investment Funding

Nigeria expects $3 billion in investment funding from citizens living mainly in the U.S. to support the agriculture, power, mining and transportation sectors, a senior presidential adviser said.

The government will support “a diaspora investment fund,” Abike Dabiri-Erewa, President Muhammadu Buhari’s adviser on diaspora affairs, said in an interview in Abuja, the capital. “They’re planning a $3 billion investment in Nigeria. The fund will be driven by Nigerians in America.”

Nigeria is seeking investments to diversify its economy away from oil, which currently accounts for about two-thirds of government revenue and more than 90 percent of foreign income. A sharp drop in crude prices in 2014 and foreign-currency shortages that followed led Nigeria into its first economic contraction in a quarter century in 2016.
The government’s focus is primarily on non-oil investments, with mining and agriculture among the top priorities, Dabiri said. She did not say when the fund would be set up.

Read more from source

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.