Tinubu Administration Reaffirms Commitment to Harnessing Diaspora Capital for National Development
Maryam Aminu
Nigeria’s Vice President, Senator Kashim Shettima, has urged Nigerians in the diaspora to look beyond remittances and actively invest in the nation’s economy, describing diaspora capital as “a vital engine for national growth and transformation.”
Speaking at the 8th Nigeria Diaspora Investment Summit (NDIS 2025) held at the State House Conference Centre, Abuja, the Vice President said the Tinubu administration’s Renewed Hope Agenda places diaspora engagement at the core of its foreign policy strategy anchored on democracy, development, and demography.
“Come home not only physically but economically,” Shettima appealed. “Nigeria’s growth story is incomplete without the investment and innovation of its diaspora community.”
He described the summit as a “powerful platform” that aligns with government goals to attract investment, create jobs, and expand infrastructure and human capital.
Commending the Nigerians in Diaspora Commission (NiDCOM) led by Hon. Abike Dabiri-Erewa for sustaining the initiative since its inception, Shettima said, “What began eight years ago as a modest effort has blossomed into a wildfire of enterprise and progress.”
The Vice President unveiled key interventions to deepen diaspora participation, including the Home and Abroad Housing Platform and the forthcoming Diaspora Bond, designed to enable Nigerians abroad to invest directly in real estate and infrastructure.
He also noted the introduction of the Non-Resident BVN and policies improving the foreign exchange system, which helped boost remittance inflows to about $21 billion in 2024.
On the domestic front, Shettima highlighted ongoing economic reforms and projects such as the ₦75 billion MSME Intervention Fund, FGN-ALAT Digital Skillnovation Program, and National MSME Clinics, describing small businesses as the “true backbone of Nigeria’s economy.”
He added that government has approved ₦4.2 trillion for roads and bridges, ₦1.3 trillion for power sector stabilization, and the rollout of 90,000 km of fibre-optic cables to support digital transformation.
“The government cannot do it alone,” he emphasized. “To fast-track development, we need synergy between infrastructure, MSMEs, and diaspora investment. When these three forces work in harmony, progress becomes unstoppable.”
Chairman/CEO of NiDCOM, Hon. Abike Dabiri-Erewa, underscored the need to transition from remittance-based contributions to structured, sustainable diaspora investments capable of transforming Nigeria’s economy.
Speaking on the summit’s theme, “Diaspora Capital for National Development: Opportunities, Challenges, and the Way Forward,” Dabiri-Erewa described Nigerians abroad as “the nation’s most valuable ambassadors and contributors to national development.”
“In 2024 alone, Nigerians abroad remitted over $25 billion, making Nigeria Africa’s largest recipient of remittances. But we must look beyond this,” she said. “Our task now is to channel this capital, expertise, and goodwill into sustainable ventures that create jobs and drive inclusive growth.”
She identified key investment opportunities in infrastructure, renewable energy, healthcare, education, and technology, while calling for policy consistency, investor protection, and stronger public-private partnerships to attract and safeguard diaspora investments.
“The story of Nigeria is still being written,” Dabiri-Erewa noted. “Every Nigerian at home or abroad holds a pen in that story. Together, we can write one of hope, innovation, and shared prosperity.”
Chairperson of the NDIS 2025 Local Organizing Committee, Dr. Badewa Adejugbe-Williams, urged stronger collaboration among the government, local entrepreneurs, and diaspora investors to accelerate national growth.
“The diaspora has a role, those of us at home have a role, and the government must continue to create an enabling environment,” she said. “When each of us does our part, progress will come faster and endure longer.”
Representing the International Organization for Migration (IOM), Chief of Mission Ms. Sharon Dimanche commended Nigeria’s progress in institutionalising diaspora engagement through NiDCOM, the National Diaspora Policy, and ongoing state-level initiatives.
She highlighted the global rise of diaspora investment, noting that remittance flows reached $860 billion worldwide in 2024, with Africa receiving about $100 billion.
“Beyond remittances, diasporas bring knowledge, skills, and global networks resources that are priceless in today’s interconnected economy,” she said. “At IOM, we call this ‘Diaspora as Development Partners.’”
Dimanche outlined IOM’s ongoing work in Nigeria, including diaspora mapping, investment partnerships, and skills-transfer programs, supported by the EU-funded Migration Governance Programme. She urged collective action focused on creating an enabling investment environment, diversifying investment instruments such as diaspora bonds, and empowering regional governments to match local needs with diaspora expertise.
“The Nigerian diaspora is one of the nation’s most strategic assets a network of talent, capital, and goodwill that spans every continent,” she affirmed. “Harnessed effectively, this network can help Nigeria achieve Vision 2050, the Sustainable Development Goals, and the aspirations of Agenda 2063.”
The 8th Nigeria Diaspora Investment Summit (NDIS 2025) brought together key government officials, development partners, and diaspora investors to explore strategies for mobilising diaspora capital for national development.
