IOM Urges Nigeria to Transform Diaspora Remittances into Long-Term Investments

The International Organization for Migration (IOM) has called on Nigeria to convert the over $20.9 billion sent home by its diaspora in 2024 into sustainable, long-term investments to accelerate inclusive economic growth.

Speaking at the 8th Nigeria Diaspora Investment Summit (NDIS 2025) in Abuja, Sharon Dimanche, IOM’s Chief of Mission in Nigeria, described Nigerians abroad as one of the country’s most dynamic and entrepreneurial communities, capable of driving innovation, job creation, and regional development.

Dimanche noted that while remittances remain a crucial lifeline for households, the country must now channel these funds into structured ventures spanning infrastructure, agriculture, technology, healthcare, and creative industries. She highlighted ongoing IOM-supported initiatives in Cross River, Abia, and Lagos states, linking diaspora expertise and capital to high-impact projects.

Referencing global examples from Rwanda, Ghana, Moldova, and the Philippines, Dimanche emphasized that structured diaspora investment can strengthen local economies, create jobs, and foster long-term development. She urged Nigeria to adopt diaspora bonds, mutual funds, and streamlined investment procedures to attract and sustain foreign capital.

IOM reaffirmed its commitment to assisting the Nigerian government and the Nigerians in Diaspora Commission (NiDCOM) in transforming migration and diaspora engagement into engines of growth, innovation, and social cohesion.

Officials said Nigeria’s diaspora, numbering approximately 20 million, represents a significant economic and intellectual asset. Properly mobilized, their contributions could accelerate the country’s national development, support entrepreneurship, and enhance regional prosperity.

The organization called for stronger public-private collaboration to ensure diaspora resources are strategically deployed in sectors aligned with Nigeria’s development priorities, noting that inclusive investment strategies can transform remittances into sustainable national progress.

Nigeria’s Vice President Kashim Shettima and NiDCOM CEO Abike Dabiri-Erewa supported the call, emphasizing the need for policies that guarantee investor protection, transparency, and competitive returns, while encouraging diaspora Nigerians to actively participate in building the nation’s economic future.