Diaspora Fund Set Up To Boost Transformation Agenda – Minister

The Federal Government says plans have reached an advanced stage to set up a “Diaspora Fund’’ to enable Nigerians residing abroad to contribute to its Transformation Agenda.

Dr Olusegun Aganga, the Minister of Trade and Investment, disclosed this on Monday in Abuja at the “5th National Diaspora Conference’’.

Aganga said that the fund would be managed by a private sector fund manager with a good track record.

He added that the manager would also provide periodic reports to contributors of the scheme on the performance of the fund.

“The government views its Diaspora like an untapped pool of oil; our goal is to put a formal structure around these relationships so we can harness them directly to contribute to the transformation agenda.

“One of the most promising ideas is the Diaspora Fund; once we conclude our plans and this fund is made operational, we will solicit your support in the marketing of this fund to fellow Diaspora members,’’ Aganga said.

According to him, the fund will be listed on the floor of the Nigeria Stock Exchange to ensure tradability and transparency.

The minister said that the fund would also be protected by local financial regulations and would enjoy the reliability offered by the rules.

He said the proceeds from the fund would be invested in flagship infrastructure projects such as power, housing, roads and airports.

Aganga said that a research carried out by the African Development Bank had shown that Nigeria had the potential to raise as much as two billion dollars, adding: “with your help, we believe this will be achieved’’.

On brain drain, the minister noted that the country was losing some of its best trained minds and attributed it to differences in wages.

“In spite of the foregoing, a Diaspora has the potential to contribute more than funding to the development of its home economy. The currents of globalisation have increased skilled labour and capital mobility.

“As knowledge is becoming an important part of the formulation which makes up  the global economy, you can begin with knowledge transfer from the Diaspora back to the home country through collaboration, mentoring and training’’.

The minister urged Diaspora members to establish research institutions to help in capacity building through transfer of knowledge.

Earlier, Sen. Anyim Pius Anyim, the Secretary to the Government of the Federation (SGF), had said that the conference was conceived to enable Nigerians in the Diaspora contribute their quota to the development of the country.

Also speaking, Mr Ganiyu Dada, the Diaspora Representative and Chairman, Board of Directors, Nigeria Diaspora Organisation Abroad (NIDOA), assured the Federal Government that they would mobilise resources and invest in the country.