Vice President Kashim Shettima has urged Nigerians residing overseas to play an active role in the country’s development, citing government attempts to attract investment and assist local businesses.
At the 8th Nigeria Diaspora Investment Summit in Abuja on Wednesday night, titled ‘Fast-Tracking Regional and National Development by Mobilizing Diaspora Investment,’ Shettima praised the organizers, notably the Nigerians in Diaspora Commission led by Abike Dabiri-Erewa, for their “unyielding” devotion and emphasized the importance of diaspora involvement in national prosperity.
“The theme is profoundly timely. It speaks to the ambition of the Tinubu Administration to build a Nigeria that grows from the combined strength of its people, at home and abroad.
“Indeed, Nigeria’s prosperity will come faster when the public sector, private sector, and our global diaspora work together in unity of purpose,” he said.
Shettima, represented by Permanent Secretary of the Ministry of Foreign Affairs, Ambassador Dunoma Ahmed, discussed several diaspora engagement initiatives, including the Home and Abroad Housing Platform, collaborations with the National Agency for Science and Engineering Infrastructure, and plans for a Diaspora Bond.
The VP explained, “The proposed Diaspora Bond will give Nigerians abroad a direct stake in our nation’s growth, funding major infrastructure projects.
“Reforms like the Non-Resident BVN and a competitive exchange rate have served to encourage formal remittances, leading to a remarkable rise in inflows that sustain millions of households and businesses, which amount to about $21bn in 2024.”
Shettima also highlighted support for micro, small, and medium enterprises, saying, “You are the cornerstone of our economic growth and social development—the surest means of distributing wealth equitably.
“Unfortunately, while our over 39 million MSMEs contribute over 50 percent of our GDP and employ 86 percent of our workforce, they face acute challenges, especially access to finance.
“In this regard, my administration has taken decisive steps such as the N75bn MSME Intervention Fund, which provides loans to 75,000 businesses.”
Shettima said that the administration continues to prioritize infrastructure development.
He made a direct pitch to diaspora investors: “Come home, not only physically, but economically. Invest in our roads, our startups, and our people. Your expertise and resources are vital and indispensable to our national development project.”
He concluded with a call to action: “To our Diaspora investors, I encourage you to turn your vision into value.
“To our business pitchers, please note that this is a vital time for you to move with courage, fueled by your dreams and convictions.
“Be fearless. Nigeria is ready for innovation, and this government stands ready to partner with you.”
Other summit officials asked the diaspora to participate in national development.
Mohammed Idris, Minister of Information and National Orientation, stated that the country’s better investment climate has attracted investors.
“Only a few weeks ago, the Financial Action Task Force removed Nigeria from the grey list. Investors can come here as a result,” he added.
Shuaibu Audu, Minister of Steel Development, highlighted plans to strengthen the steel sector. “There are investment opportunities that the diaspora community can engage in within the steel and metal industry,” noting that 30 percent of steel inputs will be sourced locally and that fiscal incentives are being offered to investors.
Diversifying the economy through mining was another aim, as Minister of Solid Minerals Development Dr. Dele Alake said, “Within a year of its operation, mining marshals have apprehended over 300 illegal miners and secured convictions of over 20, including foreigners.”
The NiDCOM boss, Dabiri-Erewa, welcomed attendees and described the diaspora as “our nation’s most valuable ambassadors and contributors to national development.”
Dabiri-Erewa emphasized the need to go beyond remittances. “We must channel this capital, expertise, and goodwill into sustainable, structured investments that can transform lives, create jobs, and drive inclusive economic growth,” she told the audience.
She emphasized Nigeria’s worldwide talent pool and the $25 billion in remittances sent by Nigerians overseas in 2024, saying, “Your ideas, networks, resources, and experience are vital to the Nigeria we seek to build—a Nigeria that works, competes, and prospers in the global arena.”
