Nigerians in Diaspora Invest $90bn in Nigeria’s Economy – NIDCOM

The economic impact of Nigerians in the diaspora continues to be a driving force for national development, as they have collectively invested over $90 billion in Nigeria over the past five years. This was revealed by the Nigerians in Diaspora Commission (NIDCOM), highlighting the immense financial contributions of Nigerians living abroad.

NIDCOM Secretary, Dr. Sule Yakubu Bassi, emphasized the crucial role of the diaspora in Nigeria’s growth, stating, “The diaspora phenomenon is evolving and is an integral part of our national development. Their contributions account for over 6% of Nigeria’s GDP, and we must continue to engage them actively.”

Speaking to journalists in Bauchi after a courtesy visit to Governor Bala Mohammed, Dr. Bassi encouraged Nigerians abroad to invest in key sectors such as agriculture, education, mineral resources, culture, and tourism. He noted that NIDCOM’s advocacy spans across Nigeria’s geopolitical zones and extends to five continents, engaging with over 20 million Nigerians worldwide—18 million in the modern diaspora and two million in the historic African diaspora.

Dr. Bassi further highlighted Nigeria’s global cultural influence, stating, “No major party or event around the world is complete without Nigerian music and dance. Our cuisine, from Jollof Rice—served as City Jollof in London—to Masa in California and Agege Bread in Canada and the U.S., is thriving, thanks to our diaspora entrepreneurs. Many have built multimillion-dollar businesses around these cultural exports. Now, we are urging them to take it a step further by investing in Nigeria’s economy.”

He added, “We have developed a national diaspora policy and are actively sensitizing federal and state governments to engage with the diaspora first. If foreign investors, including the Chinese, see opportunities in Nigeria, why shouldn’t Nigerians abroad? Our country offers a 40% return on investment—far higher than the 2-3% seen in developed nations.”

Governor Bala Mohammed commended NIDCOM’s initiative, describing it as a transformative approach to economic diplomacy and development. He stressed the importance of strengthening ties with the diaspora to eliminate barriers of mistrust and encourage further investment.

“As a subnational leader, I am excited about this initiative. It will drive prosperity, reconnect us with our kith and kin from a historical perspective, and enhance economic opportunities beyond migration. Bauchi, for instance, has a significant diaspora population, particularly in the medical field,” Governor Mohammed stated.

He pledged to collaborate closely with NIDCOM to harness the full potential of diaspora investments for mutual benefit, reinforcing Nigeria’s economic strength on a global scale.

As Naija Diaspora Magazine continues to highlight the success stories of Nigerians worldwide, we celebrate the contributions of our diaspora and encourage even greater engagement in building a prosperous and sustainable Nigeria.