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Business News

FG to back $3 billion proposed diaspora investment

About $3 billion will be invested by Nigerians in the diaspora.

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PricewaterhouseCoopers, Nigerians in diaspora remittance, Nigerians in Diaspora investment

About $3 billion will be invested by Nigerians in the diaspora — the United States to be exact. The Federal Government said this investment funding will focus on sectors that will greatly improve the country’s economy.

According to President Muhammadu Buhari’s adviser on Diaspora affairs, Abike Dabiri-Erewa, the investment plan which will focus on agriculture, power, mining and transportation sectors, will receive Federal Government support.

The senior presidential adviser stated that the investment fund will be solely driven by Nigerians living in the United States. This investment will positively affect Nigeria’s Gross Domestic Products (GDP).

“They’re planning a $3 billion investment in Nigeria. The fund will be driven by Nigerians in America.” – Abike Dabiri-Erewa

Prior to this…

The Nigerian American Business Forum (NABF) made a commitment to attract about $3 billion worth of investment into Nigeria’s economy in the next three years. This is part of the forum’s objective to tackle challenges in the country and utilise the revenue opportunity within.

The Nigerian professional forum in the U.S. led by Kenneth Shobola, who serves as NABF president, said all measures have been put in place to ensure the actualisation of the projection.

Timing of investment

The Diaspora investment funded by Nigerians is coming at a time Nigeria is seeking investments to diversify its economy away from oil, which currently accounts for about two-thirds of government revenue and more than 90 percent of foreign income.

A sharp drop in crude prices in 2014 and foreign-currency shortages that followed led Nigeria into its first economic contraction in a quarter century in 2016. The government’s focus is primarily on non-oil investments, with mining and agriculture among the top priorities, Dabiri said, without revealing when the fund would be set up.

Foreign Direct Investment in Nigeria

Figures from the National Bureau of Statistics’ (NBS) Capital Report for the Q3 2018, show capital imported into the country fell by 48% to $2.8 billion. This was a decrease of 48.21% compared to Q2 2018 and a 31.12% decrease compared to the third quarter of 2017.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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