The Federal Executive Council (FEC) approved the creation of the Nigeria Investment and Growth Fund (Nig-Fund), reveals the Presidency.
This disclosure was made in a tweet on the official handle of the Presidency on Wednesday afternoon, adding that the meeting was chaired by President Muhammadu Buhari.
It was stated that the fund programme would take the shape of a private equity fund, which seeks to inject funds into projects with commercial viability in major sectors.
According to the tweet, the fund progranmme would be financed by Development Finance Institutions (DFIs), pension funds, insurance companies, Sovereign Wealth Funds (SWFs), private sector investors, family offices, Nigerians in diaspora, endowments, among others.
The tweet read, “Today the Federal Executive Council (FEC) under the Chairmanship of President @MBuhari approved the establishment of the NIGERIA INVESTMENT AND GROWTH FUND (“NIG-Fund”).
“It will be structured like a private equity fund & 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 approval of the proposal of the Nig-Fund by the FEC scores a major win for the National Poverty Reduction with Growth Strategy (NPRGS).
Through the NPGRS, the current administration seeks to reduce the rate of poverty in the country at an accelerated rate via economic growth, redistributive programmes, and shared prosperity.
Underpinning the NPGRS programme are four elements: macroeconomic stabilisation, industrialisation, structural policies, and institutional reforms.
