The Federal Executive Council (FEC) at a meeting chaired by President Muhammadu Buhari, approved the establishment of the Nigerian Investment and Growth Fund (NIG-Fund).
The fund will be structured like a private equity fund and invest in commercially viable projects in priority sectors that will promote growth and innovation, enhance local value addition, create employment, promote exports among others.
This disclosure is contained in a statement issued by the Presidency through a tweet post on its official Twitter handle on Wednesday, April 28, 2021.
The statement also says that the new Nigeria Investment and Growth Fund is expected to raise financing from Development Finance Institutions, pension funds, insurance companies, Sovereign Wealth Funds, private sector investors, family offices, Nigerians in diaspora, endowments and so on.
The statement from the Presidency reads, “Today, the Federal Executive Council (FEC) under the Chairmanship of President Muhammadu Buhari approved the establishment of the NIGERIA INVESTMENT AND GROWTH FUND (NIG-Fund). It will be structured like a private equity fund and invest in commercially viable projects in priority sectors.
“The new NIGERIA INVESTMENT AND GROWTH FUND (NIG-Fund) will raise financing from DFIs, pension funds, insurance companies, SWFs, private sector investors, family offices, Nigerians in diaspora, endowments etc.”
The NIG-Fund is one of the major highlights of the National Poverty Reduction with Growth Strategy (NPRGS) which was developed by the Presidential Economic Advisory Council (PEAC) and just approved by the Federal Executive Council.
The members of PEAC include Dr Doyin Salami, who is the Chairman, Dr Muhammad Sagagi (Vice-Chairman), Professor Ode Ojowu, Dr Shehu Yahaya and Dr Iyabo Masha.
Other members of the council are Professor Chukwuma Soludo, Mr Bismarck Rewane and Dr Mohammed Adaya Salisu (Secretary).