Nigeria had initiated several policies and programs aimed at encouraging the Nigerian diaspora to invest in the country.
These policies were put in place to harness the financial and intellectual resources of Nigerians living abroad for the development of the nation. However, please note that policies may have evolved or changed since then. Here are some key policies and initiatives related to the Nigerian diaspora and business:
1. Nigeria Diaspora Investment Summit (NDIS): The Nigerian government organized the NDIS to create a platform for Nigerians in the diaspora to explore investment opportunities in Nigeria. The summit featured discussions on investment policies, business opportunities, and networking opportunities.
2. Diaspora Commission: In 2017, Nigeria established the Nigerians in Diaspora Commission (NiDCOM) to facilitate and support diaspora engagement and investment. NiDCOM serves as a bridge between the government and the Nigerian diaspora.
3. Diaspora Bond: Nigeria has issued diaspora bonds to attract investments from Nigerians living abroad. These bonds offer competitive interest rates and are aimed at funding various government projects, including infrastructure development.
4. Ease of Doing Business Reforms: Nigeria has been working on improving its business environment to attract foreign and diaspora investments. Reforms in areas such as company registration, property rights, and tax administration have been introduced to make it easier to do business in the country.
5. Investment Incentives: The Nigerian government has offered various investment incentives to attract diaspora investments, including tax holidays, duty exemptions, and guarantees against expropriation.
6. Remittance Channels: Nigeria has improved remittance channels to make it easier for Nigerians abroad to send money home. This includes partnerships with money transfer services and fintech companies to provide convenient and cost-effective remittance options.
7. Diaspora Business Associations: The government has encouraged the formation of diaspora business associations and chambers of commerce to provide a platform for Nigerians in the diaspora to collaborate on business ventures in Nigeria.
8. Nigerian Diaspora Trust Fund: There have been discussions about establishing a Nigerian Diaspora Trust Fund to pool investments from Nigerians living abroad for critical development projects in Nigeria.
The effectiveness and implementation of these policies may vary, and it's essential to check with relevant government agencies or consult with experts in diaspora investment for the most up-to-date information and guidance if you're considering investing in Nigeria as a member of the diaspora. .