NiDCOM HOLDS MEDIA BRIEFING AHEAD OF DIASPORA INVESTMENT SUBMIT 

Maryam Aminu

The Chairman/CEO of the Nigeria Diaspora commission Hon. Abike Dabiri Erewa in a media briefing held at the Federal Secretariat Abuja on 2nd of November, 2021 2pm. The aim of the meeting is brief the media, as valued partners and stakeholders and through you, the world at large, on the work being done by the organizing committee, update you on the progress with arrangements for a successful summit and in particular, to underscore the key role that the media is expected to play in this important national assignment.

The Chairman also stated that the Nigeria In Diaspora Investment Summit( NDIS) is a private sector initiative backed and enable by government through the Nigeria Diaspora Commission (NiDCOM). The primary ain of this initiative is to demonstrate that at a time when competition for Foreign Direct Investment (FDI), is at its fiercest, targeting Nigerians In Diaspora for inward investment is probably the best strategy, particularly in the light of heighten risk profile for the country.

This is further collaborated by the the fact that a number of first and second generation Nigerians in Diaspora are among a narrow but growing demographic band, experiencing increase wealth with more disposable income in the society where they resir. Typically they have paid off their mortgaged, trained their children through college and are either retired or retiring, with a longing for self-actualisation by way of leaving a legacy for the next generation and unlike foreign investors, they are not influence by the negative risk profile of the country.

Hon. Abike also noted that, the inaugural summit, held at the State House, Presidential Villa on 26th-28 November, 2018, was a hug success, attracting over 300 participants and investors which led to the decision to make it an annual event. At the Summit, over 100 business and project were ready for investment through the collaboration of Nigerian Investment Promotion Council (NIPC), the Organized Private Sector, and some banks. MD they hope to double the number.

She states that the summit will target the key sector of the economy; Agribusiness, Education, Healthcare, Creative, Entertainment, oil and Gas an so on.

This year’s Theme, ”Diaspora Partnership and Linkages for Post-Covid Economic Growth” recognises the important role Diaspora play in helping other countries achieve amazing economic growth and transformation. The Summit therefore underscores the fact that Nigerians in Diaspora currently accounts for the highest net contribution to Foreign Direct Investment (FDI), inflows into the country with $25 billion remitted in 2018, represent a game changing leverage for the country.

This year’s Summit comes on the heals of the government’s current emphasis on providing unprecedented support for the small business sector, agriculture and massive Infrastructure development given that these are the top 3 job creating sector in any economy. The Diaspora Investors will be encouraged to channel their investment into this sectors as well as other sectors.

The chairman appreciated her  colleagues for always being there for the country and counting on their support to make this year’s summit the best ever.

Reacting to this, The Summit Coordinator, Dr Badewa T. Adejugbe-Williams, said targeting the Nigerians in diaspora is more effective way of attracting investment into Nigeria. so it’s not just about the social well being but the social economic well being of their families and country at large.

She assured the general public of the safety of their investments and urged them to participate.

“knowing that you are impacting those small and medium enterprises, close to your businesses is actually more effective than targeting a big key project. Because when we impact lives in the small communities by taking care of their own well being and creating jobs for others within the community and once the community is developed one right after the other,the whole city is developed, a state is developed and eventually the whole nation will be more developed.

“Another aspect of Investment Summit is that a lot of investment for Nigeria right now by the diaspora is that some of them are investing in others through our investments and some of them are equally investing in their own businesses through our investments, she added.

The Secretary NiDCOM, Dr Sule Yakubu Bassi PhD, FNIAE, FNSE while presenting the closing remark, noted,”ln 2020, we had over 3000 participants who attended the third Nigeria in Diaspora Investment Summit, this year we are targeting over 5000 participants.

He added that early this year, the Central Bank of Nigeria launched a policy to encourage diaspora investments through diaspora home remitances.

“The policy launched early this year, which was supposed to go for only six months have been fast tracked forward for another six months. And in that policy, any remitances to Nigeria, you will be paid in the currency that it has been sent and for every dollar sent, there will be a paliative of five Naira given to the person sending it.

“I like the idea of the Diaspora direct investment focus. This is because the diaspora have four things to add value to the Nigerian economy. One, they have resources. They have skills. They have talents. And the fourth one, which is very important for development in Nigeria is the Global Development exposure where you have these four, I can tell you, Nigeria will be great. so we thank you very much for being present and we look forward to seeing you both physically and online, he ended.