The Federal Republic of Nigeria
Growth and Employment (GEM) Project
(World Bank Assisted, IDA Credit No. 48820)
Federal Ministry of Industry, Trade and Investment (FMITI)
REQUEST FOR EXPRESSIONS OF INTEREST
(CONSULTING SERVICES - FIRMS: FUND MANAGER SELECTION)
Package No. GEM/CS/QCBS/2017/132
Assignment Title: Selection of Fund Manager for the Nigeria Small and Medium Enterprise (SME) Investment Fund
Deadline: Wednesday September 20, 2017
The Federal Government of Nigeria has received credit from the International Development Association (IDA) and intends to apply US$30 million Naira equivalent of the proceeds towards the establishment and management of a commercially viable SME Investment Fund (the Fund) under the Growth and Employment Project.
The Fund is expected to be a permanent capital vehicle domiciled in Nigeria, anchored by a US$30 million investment by the Federal Government of Nigeria. The Fund will not have a sector focus, and investments will target Nigerian SMEs with a limit on investment size between US$250,000 - US$2 million, usually structured as equity and mezzanine. The investee SME enterprises are defined as entities meeting any two of the following criteria: (1) no more than US$15 million in assets, (2) no more than US$15 million in revenue, (3) no more than 300 employees. Cash flows to the Fund can be reinvested. Manager compensation will be in the form of a fixed annual fee plus profit sharing.
The consulting services (the Services) include: i) final structuring of the Fund; ii) arranging for legal documentation and registration of the Fund and management company as needed; and iii) serving as manager of the Fund. The details of above outlined Services and Fund features are contingent on the detailed terms of reference that will be provided in the Request for Proposal stage.
The Federal Ministry of Industry, Trade and Investment through the Growth and Employment (GEM) project, now invites eligible fund management firms (Consultants) to indicate their interest in providing the Services. Interested Consultants should provide information, in no more than ten pages and responding to each of the shortlisting criteria, demonstrating that they have the required qualifications and relevant experience to perform the Services. The shortlisting criteria are:
- investment experience and track record, including a minimum of $25 million in assets under management and three years' audited operating experience as a fund manager;
- credibility, consistency and clarity of the Manager's investment strategy in funds under management;
- experience and cohesiveness of the Manager's team;
- demonstrated ability to develop a pipeline, invest according to stated investment objectives, and supervise and exit investments;
- ability to provide technical assistance to the Fund's investees;
- willingness and ability to comply with World Bank and GoN policies covering areas such as environmental and social issues and anti-money laundering.
Only shortlisted Consultants will be invited to respond to a Request for Proposal (RfP). The attention of interested Consultants is drawn to paragraph 1.9 of the World Bank’s Guidelines: Selection and Employment of Consultants under IBRD and IDA Credits & Grants by World Bank Borrowers, May 2011, revised in July 2014 (Consultant Guidelines) setting forth the World Bank’s policy on conflict of interest. Consultants may associate with other firms in the form of a joint venture or a sub-consultancy to enhance their qualifications.
A Consultant will be selected in accordance with the Quality and Cost Based Selection method set out in the Consultant Guidelines.
Further information can be obtained at the address below during office hours, i.e. 0900 - 1700hours.
Expressions of interest must be delivered in a written form to the address below (in person, or by mail, or by fax) and preferably by e-mail by Wednesday September 20, 2017.
Project Implementation Unit, Growth and Employment (GEM) Project Office
Attn: Mr. Ugo Ikemba – Project Coordinator
GEM PIU Office
Federal Ministry of Industry, Trade and Investment
Block C, Old Secretariat
Garki Area 1, Abuja
Tel: +234 806 041 7080
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