A Vision for Economic Growth: The Benue in Diaspora Investment Trust
A visionary proposal has emerged from the United Kingdom, aimed at transforming the economic landscape of Benue State in Nigeria. Dr. Peter Atorough, a scholar based in the UK, has introduced the concept of the Benue in Diaspora Investment Trust (BIDI Trust), a public-private partnership designed to harness the financial power, global expertise, and entrepreneurial spirit of Benue indigenes living abroad.
In an open letter addressed to Governor Hyacinth Alia, Atorough highlighted the potential of this initiative while commending the administration’s efforts in driving rapid transformation across the state. He urged the government to formalize its investment strategies by engaging the estimated 250,000 Benue indigenes residing in the diaspora.
Atorough explained that the BIDI Trust would serve as a structured platform, enabling diaspora members to fund commercially viable and high-impact projects in collaboration with the state government. This initiative is projected to mobilize up to $250 million annually, with government match funding potentially pushing the total to over $3.75 billion within a decade.
The BIDI Trust is designed around two distinct investment models:
- SME Mini-Projects Model: This model allows individuals and cooperatives to invest between $10,000 and $100,000 in smaller-scale projects. These investments will be supported by government grants or low-interest loans, making it accessible for a broader range of participants.
- Large-Scale Projects Model: Targeting high-net-worth investors and corporations, this model involves stakes ranging from $100,000 to $10 million in major infrastructure, energy, and industrial ventures. It aims to attract significant capital for transformative projects that can drive economic growth.
Atorough emphasized that the BIDI Trust would not only accelerate job creation but also modernize agribusiness and promote industrial growth. The initiative will operate under a robust governance framework that includes representatives from the government, diaspora organizations, and private sector experts. This ensures transparency, accountability, and effective decision-making.
Inspired by successful international models such as Kerala’s Pravasi Welfare Fund in India and Ethiopia’s Diaspora Bond, Atorough believes the BIDI Trust could position Benue as a leading example of diaspora-driven investment in Nigeria. He envisions a future where the global Benue community becomes an integral part of the state’s development story.
“The BIDI Trust offers a unique opportunity to integrate our global Benue community into the state’s development story,” Atorough stated. “It will transform remittances into structured, transparent, and sustainable investments that secure a lasting economic legacy.”
This initiative represents a bold step towards leveraging the potential of the diaspora to fuel economic growth and development in Benue State. With the right support and implementation, the BIDI Trust could become a powerful tool for creating jobs, fostering innovation, and building a more prosperous future for the people of Benue.