Diaspora Desk

Investment Summit To Boost Remittance, Hosts Over 5000 Diasporas – NiDCOM

Published

3 years ago

Nov 4, 2021.

The Nigerian Diaspora Investment summit will be declared open by Vice President Yemi Osinbajo
The summit highlights the fact that Nigerians in Diaspora today make for the biggest net contributor to foreign direct investment flows.

EHO HOT BLOG reports that about 5000 Nigerians living abroad are scheduled to attend the 2021 Nigerian Diaspora Investment Summit (NDIS) (NiDCOM).

The summit themed, ‘Diaspora Partnership and Linkages for Post-COVID Economic Growth,’ will focus on diaspora investment in the country.

Gabriel Odu of the public relations unit of the Nigerians in Diaspora Commission, who disclosed this in a statement said that the event is expected to yield investments in agribusiness, education, healthcare, creative, entertainment and sport, infrastructure and real estate, manufacturing, telecommunications, ICT and Fintech, and oil and gas.

The statement quoted the NiDCOM Chairman, Abike Dabiri-Erewa, as stating that the summit would provide a boost to the government’s current emphasis on providing support for the small business sector and agriculture, through massive infrastructure development.

Investment Summit

The summit which will be held in the Presidential Villa in Abuja from November 16 to November 17, will be declared open by Vice President Yemi Osinbajo.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 went on to say that the summit will focus on critical economic sectors such as agribusiness, education, healthcare, creative, entertainment and sport, infrastructure and real estate, manufacturing, telecommunications, ICT, FinTech, and Oil and Gas.

The NiDCOM chair stated that the topic of the two-day event recognized the critical role Diasporas play in assisting other nations achieve incredible economic growth and change.

According to her, the summit highlights the fact that Nigerians in Diaspora today make for the biggest net contributor to foreign direct investment flows into the nation, with $25 billion transferred in 2018.

“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.

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