A study, funded by the Department for International Development (DfID) to improve the understanding of diaspora investment in Nigeria has shown that that 70% of inflows of diaspora investment were for family support, while 30% went into real estate development, the Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), Ms Yewande Sadiku has said, noting that Nigerians receive more money from its citizens living in diaspora than they get from crude oil.
She made the disclosure in Abuja, on Thursday, while speaking at a meeting with the Chairman of Nigerians in Diaspora Commission, NiDCOM, Abike Dabiri-Erewa and members of NDSI led by one of its founding member , Aliyu Audu and memers of the Nigeria Diaspora Summit Initiative (NDSI).
The meeting aimed to identify challenges facing Nigerians living in the diaspora who are interested in investing in the country.
Yewande said Nigerians in diaspora must work to overcome the challenge of identifying the right local partners to do business with, stating that it is a major concern.
In line with its objective of creating a platform to encourage more diaspora investments, Nigeria Diaspora Summit Initiative (NDSI) brought together the Nigerians in Diaspora Commission and the Nigerian Investment Promotion Commission to collaborate on diaspora investment initiatives.
She said: “The diaspora remittances are a global booming business, and if converted to investment, will enhance the gross domestic product.”
According to her, “Nigerians living in the diaspora are more interested in impact investment, but their major challenge is finding the right partners to do business with.”
Sadiku urged NiDCOM to collaborate with state governors to encourage Nigerians in diaspora to invest in projects that would enhance national development.
The two chief executive officers agreed that NiDCOM would be included in NIPC’s One-Stop Investment Centre (E-OSIC) for easy access by investors.
The Director General of NiDCOM, Abike Dabiri-Erewa described the collaboration between the agencies as a necessary step toward national development.
The NiDCOM boss urged the NIPC to link-up its I-Guide Nigeria Website with NiDCOM to guide investors on potential investment portfolios domiciled in various states across the country.
Also speaking, a member of Nigeria Diaspora Summit Initiative (NDSI), said: “We need to collaborate with Nigeria Investment Promotion Council towards planning, due diligence and engagement with foreign investors,” adding that prospective diaspora investors who are Nigerians also need the list of NIPC business promoters in order to encourage them to also promote their businesses at the Nigeria Diaspora Investment Summit. According to him, “a business with good identity will easily attract investors.”
The collaboration between NIPC and NiDCOM will help to boost the much needed foreign exchange inflow into the country, especially at a time like this when investment in forex has dropped significantly.
