23 fund managers have been chosen by the Federal Government of Nigeria to handle the $10 billion Nigeria Global Investment Fund (NGIF).
This ambitious fund seeks to bring in foreign and local investment to vital areas of the Nigerian economy, such as manufacturing, energy, infrastructure, fintech, and agriculture, according to a presentation paper viewed by THE MATRIX.
The Federal Ministry of Industry, Trade, and Investment founded the NGIF, which is a key part of Nigeria’s industrial revitalization plan, which aims to change the country’s economic structure by lessening its excessive reliance on oil earnings.
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The fund is structured as an umbrella entity, housing multiple sub-funds, each dedicated to specific sectors critical to Nigeria’s development.
The selection of fund managers followed a rigorous evaluation process overseen by the Securities Exchange Commission (SEC).
Out of 55 applications, 23 fund managers were chosen based on criteria such as their experience in managing public-sector partnerships, financial stability, international investment expertise, and adherence to Environmental, Social, and Governance (ESG) principles.
The fund managers include prominent names such as AFC, Coronation Asset Management, Stanbic IBTC, AIICO Capital, FBNQuest Asset Management, and more.
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These fund managers will each oversee specific sub-funds within the NGIF, which has been structured to house 14 distinct sub-funds and 49 individual funds.
The 14 sub-funds under the NGIF will focus on the following priority sectors: 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.
Each sub-fund is tasked with raising an average of $500 million, contributing to the overarching goal of raising $10 billion in the first phase of the NGIF.
The selected fund managers are aligned with these priority sectors based on their expertise and experience. For instance, Greenwich Asset Management, Coronation Asset Management, and Meristem Wealth Management are aligned with sectors such as Real Estate, while FBNQuest Asset Management and InfraCorp are focused on Infrastructure. Each fund manager will not only raise funds but also ensure that investments are strategically deployed to maximize impact across these sectors.
