Abuja, Nigeria
Nigerian Vice President Kashim Shettima has issued a direct appeal to Nigerians living abroad, urging them to become active economic participants in the country’s development through structured investment.
Speaking at the 8th Nigeria Diaspora Investment Summit in Abuja, themed ‘Fast-Tracking Regional and National Development by Mobilising Diaspora Investment’, Mr. Shettima highlighted new government initiatives designed to attract global Nigerian capital and expertise.
Investment and Economic Reforms
The Vice President, whose speech was delivered by Dunoma Ahmed, Permanent Secretary for the Ministry of Foreign Affairs, stressed the government’s commitment to creating a stable investment climate.
- Unity of Purpose: The VP stated that Nigeria’s prosperity “will come faster when the public sector, private sector, and our global diaspora work together in unity of purpose.”
- Diaspora Bond: A key initiative is the proposed Diaspora Bond, which would allow Nigerians abroad to take a “direct stake” in the nation’s growth by funding major infrastructure projects.
- Remittance Boost: Reforms, including the introduction of a Non-Resident Bank Verification Number (BVN) and a competitive exchange rate, have successfully encouraged formal remittances, which reached approximately $21 billion in 2024, according to the VP.
- MSME Support: The government has also launched a ₦75 billion Micro, Small, and Medium Enterprises (MSME) Intervention Fund to provide loans to 75,000 businesses, recognising the sector’s contribution of over 50% to Nigeria’s GDP.
In a concluding call to action, the Vice President urged investors: “Come home, not only physically, but economically. Invest in our roads, our startups, and our people.”
Officials Highlight Improved Climate
Other government officials at the summit underscored the improving investment climate and sector-specific opportunities.
- Financial Integrity: Minister of Information Mohammed Idris noted that Nigeria’s recent removal from the Financial Action Task Force’s (FATF) grey list has improved the country’s attractiveness to global investors.
- Mining Security: Dele Alake, Minister of Solid Minerals Development, pointed to successful security operations, including the apprehension of over 300 illegal miners, to assure investors of better protection in the extractive sector.
- NiDCOM’s Role: Abike Dabiri-Erewa, Chairperson of the Nigerians in Diaspora Commission (NiDCOM), welcomed participants, noting that the diaspora—estimated at over 17 million people—contributed $25 billion in remittances in 2024. She urged participants to move beyond remittances and channel capital into “sustainable, structured investments.”
The Nigeria Diaspora Investment Summit, which began in 2018, aims to bridge the gap between Nigerians abroad and domestic investment opportunities.
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