Nov. 3, 2021

More than 5,000 Nigerians living abroad are expected to participate in the 2021 Nigerian Diaspora Investment Summit (NDIS), according to the country’s Diaspora Commission (NiDCOM).

The Nigerians in Diaspora Commission disclosed this at a news conference addressed by its Chairman/CEO, Mrs. Abike Dabiri-Erewa in Abuja on Tuesday.

The summit is scheduled to hold from Nov. 16 to Nov. 17, at the Presidential Villa in Abuja.

The theme of the two-day event is: ‘Diaspora Partnership and Linkages for Post-COVID Economic Growth’.

According to Dabiri-Erewa, the summit is a private sector initiative backed and enabled by the federal government through NiDCOM.

“Targeting Nigerians in Diaspora for inward investment is probably the best strategy , particularly in the light of a heightened risk profile for the country.

“This is further corroborated by the fact that a number of first and second generation Nigerians in Diaspora are among a narrow but growing demographic band, experiencing increased wealth with more disposable incomes in the societies where they reside.

“Typically, they have paid off their mortgage, trained their children through college, and are either retired or retiring, with longing for self-actualisation by way of leaving a legacy for the next generation.

“Unlike the foreign investor, they are not overly influenced by the negative risk profile of the country but are motivated by a sentimental attraction, a strong desire to give back in helping to develop the home country for their children and grandchildren,” she said.

She added that the summit would target key sectors of the economy such as agribusiness, education, healthcare creative, entertainment and sport, infrastructure and real estate, manufacturing, telecommunications, ICT, and FinTech and Oil and Gas.

The NiDCOM chair noted that the theme of the two-day event recognised the important role Diasporas were play in helping other countries achieve amazing economic growth and transformation.

She said the summit underscore the fact that Nigerians in Diaspora currently accounted for the highest net contribution to foreign direct investment flows into the country with $25 billion remitted in 2018.

According to her, that kind of situation represents a game-changing leverage for the country as the economy seeks to exit recession and head towards growth.

“This year’s summit comes on the heels of the government’s current emphasis on providing unprecedented support for the small business sector, agriculture and massive infrastructure development .

“Given that these are the top three job creating sectors in any economy, it vindicates the decision of the summit organisers to prioritise them.

“Diaspora investors will, therefore, be encouraged to channel their investment into these, as well as the other sectors,” she said.(NAN)