Nigerian Diaspora Summit Draws $500m Grant Commitments for SMEs and State Projects

The Nigerian Diaspora Direct Investment Summit (NDDIS) has secured philanthropic commitments amounting to $500 million in grants aimed at supporting small and medium-sized enterprises (SMEs) and state-led development projects across Nigeria.

Founder and convener of the NDDIS, Bimbo Roberts Folayan, disclosed the development in a recent interview, explaining that the funding pledges were made by international donors and diaspora-linked partners during the summit held in March 2025.

According to him, the NDDIS continues to play a critical role in mobilising diaspora resources and expertise to drive Nigeria’s economic growth. He noted that grants ranging between $1 million and $500 million were proposed to boost entrepreneurship and state innovation initiatives.

Folayan, a respected leader within the UK-based Nigerian community, lamented that despite these opportunities, many Nigerian states have been slow to take advantage of the platform.

“We have worked hard to convince states to present viable projects for funding,” he said. “Bauchi and Katsina have made progress, but more states need to act quickly.”

He revealed that the summit’s organisers aim to mobilise at least $200 million into Nigeria before the end of the year.

Highlighting the broader context, Folayan pointed out that diaspora remittances reached $20.9 billion in 2023, nearly four times Nigeria’s total foreign direct investment for that period. He emphasised that diaspora engagement represents one of the country’s most underutilised development channels.

He also expressed concern over the prolonged absence of Nigerian ambassadors in key countries, warning that it weakens investor relations and slows foreign partnerships.

“There’s a clear disconnect between our missions and diaspora investors,” he said. “Without ambassadors in place, much of our work risks losing impact.”

Folayan urged government authorities to deepen collaboration with Nigerians abroad, describing the diaspora as “a vital bridge to international investors.”

He concluded by reaffirming NDDIS’s mission to strengthen Nigeria’s investment ecosystem through consistent engagement with the global Nigerian community.

“The diaspora is the engine of growth,” he stressed. “When fully engaged, we can drive investment, innovation, and development across the country.”

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