Nigeria’s Vice President, Yemi Osinbajo, has revealed that the Nigerians in diaspora asked for improvement in the enabling business environment in order to make more investments into Nigeria in specific engagements with investment opportunities.
This follows the conduct of a study by the Federal Government with stakeholders, which found out that many Nigerians have a keen interested in investing in the country.
This disclosure was made by Osinbajo while speaking at a webinar organized by Fidelity Bank Plc, entitled, ‘The New FX Policy, Implications and Positive Impact on Diaspora Investments’
Osinbajo, was represented by the Executive Secretary/Chief Executive Officer of Nigerian Investment Promotion Commission (NIPC), Yewande Sadiku.
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What Nigeria’s Vice President is saying
Osinbajo pointed out that for several years, the remittances from Nigerians in diaspora exceeded Nigeria’s oil revenue, adding that the country is interested in finding out how to translate this potential to investments.
He said, “Nigerians in diaspora represent an indomitable force, they are flag bearers of Nigeria’s image, Nigeria entrepreneurial energy and Nigeria’s incredible can-do attitude. In business, politics, education, sports, entertainment, science, medicine, and arts, Nigerians have demonstrated across the world what Nigerians represent in Nigeria. We realise the role of the diaspora and the potential that they represent.
“For several years, the remittances from Nigerians in diaspora exceeded Nigeria’s oil revenues, which translated sometimes as high as six per cent of GDP. We are interested in understanding exactly how to translate this potential to investments.
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“So, the office of the VP working with stakeholders, including NIPC, worked on a study and we found that many Nigerians, particularly first-generation males, have a keen interest in investing in their country.”
Going further, Osinbajo added, “We noticed that 70 per cent of remittances go into family support and only 30 per cent of the inflows go into investments and in that 30 per cent, a bulk of it goes into real-estate.
“But what Nigerians in the diaspora indicated would be useful for them is to undertake more investments into Nigeria in specific engagements that promote investment opportunities led by the private sector. From government, what they asked for was improvement in the enabling business environment.
“The effort of government in recent years has been on improving the business environment and initiatives, such as this, driven by the private sector, to attract investment from the diaspora is one of the key things they asked for,’’ he said.
READ: VP Osinbajo calls for provision of capital to grow businesses for long term
The Vice President expressed delight with the new CBN policy that makes it easier for Nigerians in diaspora not just to transfer funds to Nigeria but to have greater control over the funds they transfer to Nigeria.
He said that he is confident that when statistics would be released, there would be a material impact on the diaspora remittances from Nigerians to Nigeria.
What you should know
- It can be recalled that the CBN in an earlier circular dated March 5, 2021, stated its new forex policy initiative that all recipients of diaspora remittances through the apex bank’s licensed IMTOs shall henceforth be paid N5 for every $1 received as remittance inflow as an incentive.
- This means for instance if an individual sends you $10,000, you will get an additional special credit alert of N50,000.
- The new policy initiative which is with effect from Monday, March 8 and end on Saturday, May 8, 2021, states that this incentive is to be paid to recipients whether they choose to collect the US dollar as cash across the counter in a bank or transfer same into their domiciliary account. In effect, a typical recipient of diaspora remittances will at the point of collection, receive not only the USD sent from abroad but also the additional N5 per USD received.”
God what’s really going on with Nigerian government, why does this Buhari government enjoy punishing Nigerian citizens in diaspora, two years ago I travel home to see my people,when I came back to Europe I brought out the remaining little clothes I came back with to wash them because I almost dash all my clothes to my siblings, while I was checking their pockets I found 5000 thousand naira, I showed the money to my girlfriend but guess what she asked me what kind of paper is this? I was embarrassed I didn’t say anything rather I took to the street to asked people if they’ll know what the paper is but nobody recognise my country money ?, now that takes me to my dear country Nigeria and i ask why would Nigerians in diaspora send money to Nigeria and they will be paid with another person’s currency?
(One) is Nigeria now spending or using dollars to buy something on the street? This is shameful and our government are not even considering the risk and stress they’re making our parents to pass through before getting money from us, what happened to our mothers living in the village where they’re no bank’s, in my village you will drive a mile before you can get ordinary p.o.s now my mother will have to travel from my village to Calabar main town just to collect maybe 50$ from the bank after that she will now have to start looking for aboki to change it for her after which she will come back to the bank to deposit it back to her account Nigerian government why? We’re still crying for insicurity kidnapping picking pockets and collecting of purse and wallet is this the right time for one to go to aboki to change 1000$ which is about five hundred thousand naira? We all knows the spirit that’s in this thing called money not to talk of when it’s a huge amount anybody looking at you that moment is a thief, please government should consider the risk the stress the damages this new methods is already causing
The current regime is wack bruh. They’re just out to block where the youths both in diaspora and within are using to eat.
Imagine their example,10.000$,as if is easy to get it and send just to get 50k, can’t you use 100$ or 1000$ at least to make example, mad people every where.