Strengthening Nigeria Through Diaspora Investment – Keynote Address at the 7th Nigeria Diaspora Investment Summit

November 5, 2024 – Abuja, Nigeria

The 7th Nigeria Diaspora Investment Summit (NDIS) commenced today with a powerful keynote address by the President of the Federal Republic of Nigeria, Asiwaju Bola Ahmed Tinubu GCFR. In his speech, President Tinubu underscored the vital role of the Nigerian diaspora in shaping the nation’s future and fostering development.

Addressing an audience of distinguished guests and stakeholders, the President expressed his gratitude for their participation, stating, “Your presence here not only enriches this gathering, but also symbolizes our shared dedication to forging a prosperous future for our nation.” He emphasized that the diaspora is not only an asset but also a pivotal force in bridging the developmental gap between Nigeria and the global community.

The Role of the Diaspora

President Tinubu articulated a vision of adaptation and stability as key to Nigeria’s prosperity. He stated, “The theme of this year’s Summit, ‘Adapting Stability through Diaspora Investment: Navigating the Path to Prosperity,’ underscores the role you can play in helping us secure a brighter future for all Nigerians.” He acknowledged that the diaspora, as ambassadors of Nigeria, carry immense potential to influence progress through their knowledge, expertise, and global connections.

Highlighting his administration’s commitment to stabilization, the President detailed ongoing reforms aimed at addressing economic challenges, security concerns, and infrastructural needs. He noted the government’s decisive actions, including the removal of fuel subsidies, aimed at reallocating resources to benefit the citizenry. “This policy has already started yielding tangible results such as a 50% reduction in petrol importation,” he explained.

The President elaborated on several initiatives launched by his administration to alleviate economic hardships, such as the Presidential Compressed Natural Gas (CNG) Initiative and the Renewed Hope Conditional Cash Transfer Program. He remarked, “These efforts aim not only to reduce transportation costs but also to create economic opportunities and empower our vulnerable citizens.”

Furthermore, President Tinubu highlighted the importance of small businesses in Nigeria’s economy, stating that they are “the backbone of any economy.” He discussed the Presidential Conditional Grant Scheme and the establishment of MSME hubs, which are set to create thousands of jobs and provide crucial support to small business owners across the country.

Recognizing the relationship between security and investment, President Tinubu assured participants that his administration prioritizes national security. He outlined efforts to modernize security forces and the introduction of initiatives like the N50 billion Pulako Initiative, aimed at promoting peace in conflict-prone areas. “No investor would truly want to invest in an unsecured environment,” he noted.

The CEO of the leading investor inward organisation in Nigeria and NIDCOM Chairperson, Dr. Abike Dabiri-Erewa called for more government supports and acknowledged the presence of various leading Nigeeians from Diaspora. She humbly appreciated the members of the National Assembly in attendance.

In between the powerful speech by President Tinubu ably represented by SGF Senator George Akume is a remark by Ambassador Rabiu Dagari, the Director-General of the Diaspora Trust Fund for Africa (DTCA), addressed the summit, emphasizing the integral role of the diaspora in national development. He stated, “The strength of Nigeria lies in its people, both at home and abroad. The diaspora community is a vital partner in our development efforts.”

Ambassador Dagari highlighted the DTCA’s initiatives aimed at creating avenues for diaspora investment, encouraging participants to leverage their skills and resources to contribute to Nigeria’s growth. He remarked, “Our goal is to mobilize the immense potential of the diaspora for sustainable development and to ensure that their contributions are recognized and valued.”

The Ambassador also spoke on the importance of partnership between the government and the diaspora, urging for collaborative efforts in addressing key issues affecting the nation. “Together, we can build a stronger, more resilient Nigeria,” he concluded.

As the 7th Nigeria Diaspora Investment Summit unfolds, it stands as a testament to Nigeria’s commitment to engaging its diaspora in the quest for national development. The President’s address, along with Ambassador Dagari’s remarks, serves as a rallying cry for collaboration and investment, forging a path toward prosperity through unity and shared responsibility.