Invest in Nigeria in your own interest, Soludo tells Nigerians in Diaspora

Former Governor of Central Bank of Nigeria and Member, National Economic Advisory Team, Professor Chukwuma Soludo has advised Nigerians in the Diaspora to take more than passing interest in the economic growth and development of the country.

He made the appeal on Wednesday in his keynote address at the Nigeria Diaspora Investment Summit 2019 held at the Banquet Hall, Presidential Villa, Abuja.

The former Governor of the apex bank in his paper, “Enabling the Diaspora as Drivers of Economic Growth and Development,” admonished Nigerians outside the nation shores not to see the commitment to a prosperous Nigeria as a choice but a duty they owe themselves.

He submitted that in the face of the resurgence of racism and Xenophobia, Nigerians in Diaspora must make conscious efforts to develop the home front through massive investment to stimulate economic growth and development.

He said: “A prosperous homeland for a Diasporan isn’t a choice, but a duty. They constitute the other Nigerian.
“In the context of racism and Xenophobia, it is in the enlightened self-interest of those in Diaspora to show interest in the development of their homeland. Even the capital isn’t colour neutral. ”

Stretching his argument further, Professor Soludo recalled that the United States of America initiated the Marshall Plan to save Europe from distress and further noted that most of the global Foreign Direct Investment into China and India came from their nationals in the Diaspora

To encourage Nigeria living offshore, the member National Economic Advisory Team, advised the government to insist on two irreducible minimum standards: safety and return from such investment as he noted that investment was not charity. He equally called on the political elite to open up the political space to enable such returnees to participate.

The former Governor of CBN equally called for a sustained interface between the Chairman/ Chief Executive Officer of Nigerians in Diaspora Commission, Abike Dabiri, the 36 State governors and the Nigerian Investment Promotion Council for a data bank of Diasporans in each state of the Federation.

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Earlier in his opening remarks, Chairman of the occasion, Paschal Dozie, called on the federal government to articulate areas of investment that returnees could invest. He particularly mentioned hospitality and tourism.
” Nigeria needs to be ready to connect and engage them for long term beneficial returns. ”

Like Professor Solid, Mr Dozie noted that Diaspora returnees developed China, India South Korea and called on Nigeria to create an avenue for returnees to have access to political space and investment opportunities.

Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu said his Commission has taken several proactive measures to make sure that Nigeria is a safe haven for genuine investors both for expatriate and its nationals outside the country.

Magu said the anti-corruption agency has changed the narrative of lamentation by Nigerians in Diaspora who quite often were short-changed in the past when they send foreign currency to their relatives through Western Money Transfer.

“Our crusade is to encourage FDI both local and abroad. It is to encourage our brothers abroad.

“We are working at the ECOWAS level to adopt a protocol to enable us to repatriate those who perpetrate Advanced Fee Fraud. I want to assure Nigerians in Diaspora that we will do everything to protect your investment. Bankers here are defrauding beneficiaries when Nigerians abroad send money. We are working with banks to ensure that Nigerians abroad will not be apprehensive to send money home. We have had instances when people send money through Money Transfer and the receiver here is shortchanged.”

Chairman /Chief Executive Officer of Nigerians in Diaspora Commission, Abike Dabiri, thanked the participants for associating with the vision of her Commission.