Diaspora Nigerians launch venture fund and SME Bank to boost Nigerian economy

SME Banking
13/02/2024 News

According to BusinessDay, diaspora Nigerians are spearheading a groundbreaking initiative to invigorate Nigeria's economy by establishing a N100 billion Venture Capital Fund and a specialized SME bank. This move comes amid market-friendly reforms by the federal government and a pressing need for increased foreign direct investments. With annual diaspora remittances expected to surpass $20 billion, the coalition sees an opportunity to leverage these funds for economic development.

Ekwo Omakwu, a prominent financial consultant and chairman of the diaspora group leading the charge, highlights the significance of diaspora funds in supporting families and driving economic progress in Nigeria. The planned venture capital fund and SME bank aim to capitalize on diaspora expertise and networks, focusing on non-oil sectors to stimulate growth.

Taking concrete steps, the diaspora coalition has incorporated SME Investments Limited in Nigeria. Their primary goal is to collaborate with regulatory bodies like the Central Bank of Nigeria (CBN) and the Securities Exchange Commission (SEC) to establish innovative financial services that promote job creation and alleviate poverty.

With optimism and determination, the diaspora community sees this initiative as a pivotal moment for Nigeria's economic future. By pooling resources and expertise, they envision unlocking new pathways to prosperity and sustainable growth for the nation.

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