Business
Collapse Of Forex Market Stalls $200m Diaspora Fund
Nigerians in Diaspora Organisation (NIDO) has said the collapse of Stock Exchange Market has stalled its 200 million dollars investment fund project.
The Chairman Board of Trustee of NIDO, Dr George Manuwuike, made the disclosure in an interview with the News Agency of Nigeria in Abuja yesterday.
Manuwuike said the Nigerians in Diaspora came up with the Diaspora investment fund concept in 2008 to enable Nigerians living abroad pull their resources together to develop the economy at home.
“We intended to raise as much as 200 million dollars with the plan of plough it back into the economy through the stock exchange and then use the remaining for infrastructure development.
“But we all know what happened to the stock exchange market then, the market collapsed.
“The investors lost confidence in investing in the market as a result of that, we put the project on hold.
He, however, said the project was not abandoned but would still be revisited
He said the Diasporans intended to revisit the prototype of the project and further enhance it to move it forward.
“We are just waiting for the enabling environment to do that because the framework is in place as we can only enhance what we have started.
“So, for us to be seen in engaging the government properly and for Nigerians too take us serious, there is need to have that investment fund in place,” he said.
He said that with the fund, the Nigerians Diaspora could come and take up various projects here at home and be part of development that Nigeria need.
The chairman said that the organisation was planning to address the issue of insurgency by launching an appeal fund for the victims.
“We also have the intension of launching Boko Haram victims appeal fund that will be used in developing part the North_East where the impact of the insurgence is being felt,” he said.
He said the organisation had been talking to some foreign donors and agencies, adding that the responses from them had been impressive.
Manuwuike said the organisation was waiting for the appropriate time to formally lunch the Boko Haram appeal fund to take care of the victims of the insurgency.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.