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FEC approves establishment of Investment fund

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The federal executive council (FEC) has approved the establishment of the Nigerian investment and growth fund (NIG-Fund) which will be structured like a private equity fund and invests in commercially viable projects in priority sectors.

This was disclosed in a tweet from the official handle of the presidency on Wednesday following the FEC meeting chaired by President Muhammdu Buhari,

The tweet reads, “ NIG-FUND will raise financing from development finance institutions (DFIs), pension funds, insurance companies, SWFs, private sector investors, family offices, Nigerians in diaspora, endowments.”

Also on Wednesday FEC approved the national poverty reduction with growth strategy (NPRGS) submitted by presidential economic advisory council (PEAC).

Femi Adesina, special adviser to the president on media and publicity, disclosed this after the meeting on Wednesday.

READ ALSO: FEC approves establishment of Nigerian Youth Investment Fund

He revealed that Vice-President Yemi Osinbajo, will chair the steering committee to provide overall guidance for its implementation.

“The council also approved the implementation of the strategy and its incorporation into the medium-term national development plan 2021-2025 and agenda 2050.”

The council also directed Abubakar Malami, attorney-general of the federation (AGF), to prepare a bill for submission to the national assembly to make the implementation of the strategy sustainable.

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