Diaspora Finance and Remittances News - 24/08 Edition

Nigeria looks to Diaspora to help with financing new bonds and $10 billion Diaspora Fund
Data shows that the size of the Nigerian Diaspora clocks out at 17 million. The nation’s Diaspora is the largest of any across Africa, and is estimated to have sent $20 billion back home in remittances in 2023. In lieu of that, the Federal Ministry of Industry, Trade & Investment has set out ambitious plans to start up a $10 billion Nigeria Diaspora Fund. At present, it is seeking “fund managers for the development and establishment of a multisectoral, multilateral private sector-led investment fund”.