Collapse of Forex Market stalls $200m Diaspora fund – Chairman

Nigerians in Diaspora Organisation has said the collapse of the Stock Exchange Market has stalled its $200 million investment fund project.

The Chairman of the Board of Trustees of NIDO, Dr. George Manuwuike, made the disclosure in an interview with the News Agency of Nigeria in Abuja on Thursday.

Manuwuike said the Nigerians in Diaspora came up with the Diaspora investment fund concept in 2008 to enable Nigerians living abroad pull their resources together to develop the economy at home.

He said: “We intended to raise as much as $200 million with the plan of ploughing it back into the economy through the stock exchange and then use the remaining for infrastructure development.

“But we all know what happened to the stock exchange market then.

“The market collapsed.

“The investors lost confidence in investing in the market.

“As a result of that, we put the project on hold.”

Manuwuike, however, said the project was not abandoned but would still be revisited

He said the Diasporans intended to revisit the prototype of the project and further enhance it to move it forward.

He said: “We are just waiting for the enabling environment to do that because the framework is in place as we can only enhance what we have started.

“So, for us to be seen in engaging the government properly and for Nigerians too take us serious, there is the need to have that investment fund in place.”

Manuwuike said with the fund, the Nigerians in the Diaspora could come and take up various projects here at home and be part of development that Nigeria needs.

The chairman said the organisation was planning to address the issue of insurgency by launching an appeal fund for the victims.

“We also have the intension of launching Boko Haram victims appeal fund that will be used in developing part of the North East where the impact of the insurgence is being felt,” he said.

He said the organisation had been talking to some foreign donors and agencies, adding that the responses from them had been impressive.

Manuwuike said the organisation was waiting for the appropriate time to formally lunch the Boko Haram appeal fund to take care of the victims of the insurgency.

NAN.