The Nigerian diaspora plans to set a $3 billion investment fund, Abike Dabiri-Erewa (photo), Senior Special Assistant on Foreign Relations & Diaspora, indicated this week.

In an interview with Bloomberg, the official indicated that the major part of this fund would be provided by the Nigerian diaspora in the USA. In addition, the agriculture, energy, mining and transport sector should capture most of the investment.

Thanks to these funds, Nigerian authorities want to accelerate economic diversification to mitigate shocks due to fluctuations of commodity prices in an economy that is 90% dependent on oil.

Recently, the Nigerian diaspora and that of some African countries like Kenya got involved in development projects in their countries via increasing financings. In 2017, Nigeria issued a diaspora bond thanks to which it raised about $300 million.

For the time being, there is no indication of when the $3 billion investment fund would be set.

Moutiou Adjibi Nourou