The Federal Government has selected 23 fund managers to manage the $10 billion Nigeria Global Investment Fund (NGIF).
The NGIF, established by the Ministry of Industry, Trade, and Investment, is a component of Nigeria’s industrial revitalisation strategy, which seeks to transform the nation’s economic landscape by reducing its overreliance on oil revenues.
The fund, structured as an umbrella entity, houses multiple sub-funds, with each devoted to specific sectors critical to Nigeria’s development.
The fund aims to attract both international and local capital into critical sectors of the Nigerian economy, including agriculture, manufacturing, energy, infrastructure, and fintech.
The selection of fund managers followed a rigorous evaluation process overseen by the Securities Exchange Commission (SEC).
The 23 fund managers were selected from 55 applications, based on criteria including their experience in managing public-sector partnerships, financial stability, international investment expertise, and adherence to Environmental, Social, and Governance (ESG) principles.
Among those chosen as fund managers are AFC, Coronation Asset Management, Stanbic IBTC, AIICO Capital, and FBNQuest Asset Management.
The fund managers will each oversee specific sub-funds within the NGIF, which has been structured to house 14 distinct sub-funds and 49 individual funds.
The 14 sub-funds under the NGIF will focus on the following priority sectors: Automotive/Light Manufacturing, Agriculture, Pharmaceuticals/Healthcare, Oil & Gas, Energy, Fintech/Banking, Heavy Industries, Real Estate, Mines/Solid Minerals, Creative Economy/Tourism, Aviation, Infrastructure, Education, and IT.
Each sub-fund is tasked with raising an average of $500 million, contributing to the overarching goal of raising $10 billion in the first phase of the NGIF.
The selected fund managers are aligned with these priority sectors based on their expertise and experience.
Each fund manager is expected to not only raise funds, but also ensure that investments are strategically deployed to maximise impact across these sectors.
The government has also secured significant backing from Development Finance Institutions (DFIs) such as the African Export-Import Bank (Afreximbank), which has committed a $3 billion country risk guarantee to de-risk the fund, and an additional $2 billion earmarked for direct investments into key industries.
This funding will support projects through mechanisms such as project finance, equity investments, risk insurance, and advisory support, further strengthening the NGIF’s capacity to drive economic transformation.
