NiDCOM STAGES 4TH INVESTMENT SUMMIT

Maryam Aminu

The Vice President of Nigeria, His Excellency Prof Yemi Osinbajo, SAN GCON who was represented by Secretary to the Government of the Federation, Boss Mustapha has called on Nigerians in the diaspora to join federal government in the efforts to strengthen the economy of Nigeria as it said economic revival cannot be achieved by the government alone.

Osinbajo in his keynote address at the opening of the 4th Nigerian Diaspora Investment Summit 2021 organized by the Nigeria Diaspora Summit Initiative (NDIS) and the Nigeria in Diaspora Commission (NIDCOM) in Presidential Villa Abuja with the theme ” Diaspora Partnership and Linkages for Post Covid Economic Growth ” said, the government need the partnership and deep involvement of the Diaspora and foreign investors, among others, investing in local businesses to boost and diversify the economy.

“We assure you of our commitment to ensure that your investments are not only secure but that you get a good rate of return on the investments you make while basking in the glow of being contributors to the growth of business and development of the nation”. Osinbajo added.

While presenting the opening speech, the Chairman of NIDCOM, Hon. Abike Dabiri-Erewa,, commended the Nigerians in Diaspora for their enormous contributions to the development of the nation, most especially during the height of the COVID-19, for the steps they took to support communities and alleviate the sufferings caused by the eruption of the pandemic.

Dabiri-Erewa noted that some of the responses which included, but were not limited to, provision of food assistance, provision of personal protective equipment (PPE), seminars on basic hygiene, training for health workers, educational programs for children during the lockdown, all played a key role in the government’s effort to tackle and reduce the COVID-19 caseload.

“if there is one single lesson to be learnt from this, it is the African proverb that says if you want to go fast, go alone, but if you want to go far, go with others”.

“It simply means that partnerships are essential for credible response with lasting effects. Therefore in the quest of the Federal Government to go far in repositioning the economy in this post COVID era, there is a need to partner with the Diaspora in achieving these goals”.

“This is why the Summit with this year theme being Diaspora Partnership and Linkages for Post-COVID Economic Growth is very apt because it creates that avenue and platform of a partnership between the Government and the Diaspora in attracting investment into _local business and thus enhancing Foreign Direct_ Investment in the country.”Dabiri added.

In her remarks, Dr.Mrs Badewa Adejugbe- Williams said:
In our journey to the full and effective attraction of foreign Diaspora investment into the country, The theme of this summit is consequent on the reality of the indispensable role of the Diaspora in the government’s effort to reposition the country’s economy, most especially during this post-Covid era.

Badewa commends the Federal Government of Nigeria for their effort in making doing business in Nigeria easy and the unprecedented support provided for the small business sector in Nigeria. As we may all know, small and medium enterprises (SME) constitute an important role in the economic development of any given country and contribute considerably to economic development by creating new jobs, providing investment opportunities, and forming the economic capital and potential required for sustainable economic growth.

On this note, in order for us to achieve rapid economic growth, especially during the Post Covid -19 era in Nigeria, there is a need to aggressively support and invest in SMEs in the country, she added.

“Ladies and gentlemen, there are a great number of well-trained, resourceful, and talented Nigerians in the Diaspora who are in various business sectors, including healthcare, real-estate, and agribusiness, just to mention a few, who have made a mark in their various fields and have over the years demonstrated their strong desire to give back and help in developing the country.” She noted. It will be tragic if the country fails to partner with these set of Diaspora and attract their investments into the country’s small and medium enterprises in a bid to grow the country’s economy.

This summit is therefore apt, as it creates a platform for the Diaspora to invest in SMES in the country and further demonstrates that targeting the Diaspora for inward investment is one of the best strategies to drive socio-economic growth and development in the country. I would also like participants to note that this year’s event is peculiar in that it plans to host a Diaspora Housing Fair, where all Nigerians in the Diaspora will be availed of various opportunities to own their homes in Nigeria seamlessly.

In this light, therefore, I would like to commend the Nigerians in Diaspora Commission (NiDCOM), the members of the Nigeria Diaspora Summit Initiative (NDSI) and all our partners for the assiduous effort that was channeled into the planning of this auspicious event. It is my greatest hope, therefore, that this year’s Summit will record more success stories than the previous years.
Badewa reassure all that we won’t rest on our oars but will continually build on our successes and explore new ways to attract Diaspora investment in local business in order to accelerate our country’s socio economic development.

The Group Managing Director/Chief Executive of Zenith Bank, Ebenezer Onyeagwu, has called for increased collaboration of Nigerians in the diaspora for the nation to achieve its economic growth targets.

Delivering his remarks, Mr Onyeagwu noted the aptness of the theme of the summit, as it underscores Nigeria’s need for robust growth following the unprecedented impact of the COVID-19 pandemic, which triggered a severe macroeconomic shock.

Mr Onyeagwu commended the Federal Government and the Central Bank of Nigeria (CBN) for leading with policies that create an enabling environment for investment in Nigeria, such as the “Naira 4 Dollar Scheme”, which contributed to boosting diaspora remittances by providing incentives for recipients of international money transfers. In his view, this and other policies encourage the senders and recipients to channel inflows through the official market, knowing that they will not be shortchanged.