Shift from remittances to investment, FG urges Nigerians in diaspora

The Federal Government of Nigeria is urging Nigerians living abroad to shift their focus from sending remittances to investing in the country's economy. This call was made at the inaugural Nigeria-Canada Diaspora Economic Conference in Toronto, hosted by the Nigerians in Diaspora Commission (NiDCOM). The conference featured prominent figures such as the Chief of Staff to the President, Governors of Zamfara and Anambra States, the Minister of Industry, Trade and Investment, members of the National Assembly, Canadian investors, and community members in Canada.

NiDCOM Chairman and CEO Abike Dabiri-Erewa emphasized that the diaspora is a valuable economic resource and urged Nigerians abroad to invest in at least one local project, mentor young Nigerians, partner with small and medium enterprises, and support various institutions. NiDCOM also urged participants to transition from discussions to concrete investments, highlighting Nigeria's potential as a business destination.

Industry, Trade, and Investment Minister Jumoke Oduwole stated that Nigeria is not only appealing to Nigerians abroad due to its homeland status but because of its growing attractiveness as a business location. She cited recent economic reforms under President Bola Ahmed Tinubu's Renewed Hope Agenda, which are transforming Nigeria's economy from consumption to production, raw-material exports to value addition, and import dependence to domestic production and export competitiveness.

Oduwole added that the Nigerian real GDP grew by 3.89% in the first quarter of 2026, with manufacturing up by 3.29%. The Minister called for long-term investments in various sectors, including manufacturing, agro-processing, technology, logistics, energy, healthcare, infrastructure, and export-oriented businesses. Canadian investors were specifically encouraged to explore opportunities in these areas.

The Senate and House Committees on Diaspora emphasized that Nigerians living abroad are a significant asset to Nigeria, citing World Bank data showing that remittances to the country reached $21.9 billion. The committees highlighted that Canadians contribute the most per person in remittances, with an estimated 412,000 Nigerians in Canada sending nine percent of remittances, compared to 324,000 in the UK (12%), and 565,000 in the US (14%).

The committees reaffirmed their commitment to developing legislative frameworks that strengthen diaspora engagement, protect Nigerians abroad, and enhance the ease of doing business for diaspora investors.