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Nigeria expects US-resident citizens to invest $ 3 billion in agriculture, electricity, mining, and transportation, an advisor said. presidential.
The government will support "a diaspora investment fund," said Abike Dabiri-Erewa, President Muhammadu Buhari's advisor on diaspora affairs, in an interview in Abuja, the capital. "They are planning a $ 3 billion investment in Nigeria. The fund will be led by Nigerians in America. "
Nigeria is looking for investments to diversify its economy away from oil, which currently accounts for about two-thirds of government revenue and more than 90 percent of foreign exchange earnings.
The sharp drop in crude oil prices in 2014 and subsequent foreign exchange shortages led to Nigeria's first economic contraction in a quarter of a century in 2016.
The government's main focus is on non-oil investment, with mining and agriculture being a top priority, Dabiri said. She did not specify when the fund would be created.
Buhari, who was elected in 2015, is running for a new four-year term for the February 16 presidential election.
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