The need to reinvigorate young people and Nigerians in diaspora’s strides in the areas of business, creativity and entrepreneurship towards national development, was what took centre stage when stakeholders in the diasporan sector converged on Abuja, the nation’s capital for the 2024 Nigeria Diaspora Investment Summit (NDIS).
The 7th edition of the summit with the theme, “Adapting Stability through Diaspora Investment: Navigating the Path to Prosperity,” held at the Aso Rock Presidential Villa, Abuja during the week.
According to the Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, the summit has proven to be a game-changer in empowering Nigerian entrepreneurs and facilitating the closure of crucial business deals that further contribute to national development and growth.
The core aim of the summit, she said, was to connect Nigerians in diaspora with local businesses to foster innovation and drive investment.
“The quality of the presentations, the talent on display, and the enthusiasm of our diaspora community were exceptional,” Dabiri-Erewa said. “Young Nigerians with innovative ideas and a passion for contributing to their country’s development were given a platform to pitch their ideas and invest in Nigeria.”
The summit featured a diverse array of industries, including fintech, agribusiness, real estate, manufacturing, and entertainment.
“This summit has brought together a wealth of talent—young men and women eager to contribute to Nigeria’s growth. It’s remarkable to see how the diaspora is rallying around this platform.
“From the smallest business ideas to large-scale investments, the diversity of ideas presented is a testament to the potential we have as Nigerians,” she added.
Dabiri-Erewa also highlighted the steps being taken by President Bola Tinubu-led administration to allay the fears of investors and protect their investments in Nigeria.
She identified the ongoing infrastructural development in several areas of the country as well as security reforms as parts of the steps, urging Nigerians in the diaspora to avail themselves of the abundant investible opportunities in their fatherland.
“Nigeria needs to do what they need to do in infrastructural development; roads need to be done, power and everything but this administration is making efforts to ensure that the right infrastructure is in place for investors coming to Nigeria.
“Security, of course, is an issue but there are ongoing security reforms to make sure that your investments are also protected,” Dabiri-Erewa assured.
In his address, President Tinubu, who was represented by Secretary to the Government of the Federation, Senator George Akume, again expressed confidence that Nigeria is still on the right path to full recovery and prosperity despite the current economic challenges facing the country.
The president also disclosed that about $20 billion was remitted by Nigerians in the diaspora in 2023, expressing the readiness of the Federal Government to keep creating an enabling environment to encourage Nigerians abroad to continually contribute to the growth and development of their fatherland.
The president reiterated that the two critical policies of his administration, fuel subsidy removal and free-floating of foreign exchange, were meant to arrest the multiple forex rates that distorted the nation’s socioeconomic growth.
Earlier in her address, the Coordinator of Nigeria Diaspora Investment Summit (NDIS), Badewa Adejube-Williams, said the meeting was meant to engage and inspire participants and stakeholders.
Adejube-Williams also described the platform as a movement and a “call to shape the prosperity of the country.”
“This platform (NDIS) is a movement that can’t be stopped. It is a call to action, to invite all of us to harness our collective energy, our ideas and our resources to shape a prosperous country; the country of our dreams for us, for our children, grandchildren and the generations to come,” she added.
Several participants at the event also spoke on the importance of collaboration and the need for continued growth in diaspora-driven investments.
The Chief Executive Officer of Pelican Valley Nigeria Limited, Ambassador (Dr) Babatunde Adeyemo, described the event as a great honour bestowed on Nigerians in the diaspora.
He noted that the summit was a veritable means of linking Nigerians in the diaspora with genuine and top-notch entrepreneurs not only in the real estate industry but also in other sectors.
He also pledged to rededicate his company to do more in the area of delivering innovative, technology-driven, and energy-efficient smart homes.
Adeyemo also disclosed that Pelican Valley has gotten full government-approved layouts for its estates, including a recent approval of about 600 plots of land for Pelican Brief and Ecostay Apartments extensions.
He explained that the essence is to create an enabling environment for average Nigerian youths to grow and foster an atmosphere that will drive non-oil foreign exchange remittances and investments into the country in order to help the economy and reduce the inflation threatening to take away people’s future.
He said, “We will always urge our governments and leaders to reciprocate our efforts in the real estate sector. If things are done the way they are supposed to be, we will not be looking for foreigners to grow our economy. Nigerians at home and diaspora can do a lot to help. It is not all about what Dr Babatunde Adeyemo is going to eat, I think I’m content with what God has done for me but this is all about creating an enabling environment for an average Nigerian youth to grow.
“It is all about looking forward to getting non-oil foreign exchange remittances into Nigeria so as to help our economy to reduce this killing inflation that is about to take away our future.”
Managing Director of VG Energy, MD Yusuf, shared his enthusiasm for the summit’s progress, noting that it provided a crucial platform for diaspora investors to connect and collaborate.
“The summit is a good one because it allows us, as diasporans, to help each other. We can’t rely on the government alone to do everything for us,” Yusuf said.
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