Travel News

BY  Solomon Ekanem

• Nigeria is considering introducing a citizenship by investment (CBI) program to attract foreign investors
• Egypt and Mauritius are currently the only African nations offering formal citizenship by investment schemes
• The proposed alteration aims to attract foreign direct investment and reshape Nigeria's economic landscape

Nigeria is taking steps to become the third African nation to introduce a citizenship by investment (CBI) program.

The citizenship by investment program will allow foreign investors to obtain Nigerian nationality in exchange for significant economic contributions.

This move aligns with global trends where countries leverage CBI programs to attract foreign capital, boost economic growth, and increase foreign direct investment.

Currently, Egypt and Mauritius are the only African nations offering formal citizenship by investment schemes.

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DON'T MISS THIS: Here are African countries that offer citizenship by investment programs

Nigeria’s entry into this space could position it as a key player in attracting wealthy investors, entrepreneurs, and high-net-worth individuals seeking access to Africa’s largest economy.

The CIB program in focus

Egypt and Mauritius offer distinct Citizenship by Investment (CBI) programs.

Egypt requires a $250,000 non-refundable contribution or investment in approved real estate or business.

The citizenship by investment program allows foreign investors to obtain Nigerian nationality in exchange for significant economic contributions

Mauritius offers a Permanent Residency by Investment route, requiring a $375,000 real estate investment for a 20-year residence permit, with citizenship eligibility after seven years.

Nigeria's potential CBI program may follow either model, depending on its economic priorities and political stance.

CIB as bait for foreign investors?

Nigeria's House of Representatives has taken a significant step towards granting citizenship to foreign investors who meet specific financial thresholds.

The Citizenship by Investment Bill, sponsored by the Deputy Speaker, Benjamin Kalu and other lawmakers passed its second reading and aims to introduce a new class of citizenship known as citizenship by investment.

This move is designed to attract substantial foreign direct investment by offering nationality to individuals who make significant economic contributions to the country.

Although specific details about Nigeria’s program—such as the minimum investment threshold, qualifying sectors, and application criteria—are yet to be unveiled, experts suggest it could include investments in real estate, government bonds, or key economic sectors like petroleum, manufacturing and technology.

The proposed alteration aims to attract foreign direct investment by granting Nigerian citizenship to individuals who invest in the Nigerian economy above a specified financial threshold or in strategic sectors critical to national development.

If implemented successfully, Nigeria’s citizenship by investment program could reshape its economic landscape, making it a more attractive destination for global investors while strengthening its position as a major African economic hub.