By Bianca Iboma-Emefu
A group of Nigerians based in the US, Canada, the Caribbean, Europe and South Africa is planing a N100 billion Venture Capital Fund and also a specialised bank targeted at Small and Medium Enterprises (SMEs) sector in Nigeria.
According to the Chairman of the group, Mr Ekwo Omakwu- a financial consultant based in the United States of America said ther initiative draws inspiratiomn from the steady inflow of funds from Nigerians in diaspora, which reflects the continued strong connection to supporting family and contribute to economic development of the country.
“What you will see in the coming months with the development of the venture capital fund and specialised SME Bank are two financial institutions that will leverage on the extensive financial networks and expertise of diaspora Nigerians to invest in the productive sectors of the Nigerian economy- especially the non-oil sectors.”
The diaspora group has taken steps towards the realization of its objectives with the incorporation of SME Investments Limited in Nigeria. The immediate goal of the company is to collaborate with the regulatory agencies of government namely- the Central Bank of Nigeria (CBN), the Securities Exchange Commission (SEC), and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to put in place robust and innovative financial services operations that will boost employment and lift millions of Nigerians out of poverty.