Market News

BY  Michael Olugbode in Abuja

President Bola Tinubu has described the Nigerian Diasporans as an indispensable asset to the nation.

The President expressed this position in his keynote address at the 7th Edition of the Nigeria Diaspora Investment Summit, a private sector driven initiative, with the theme: Adapting Stability through Diaspora Investment: Navigating the Path to Prosperity.

Tinubu also said that small businesses are the backbone of any economy as they are more than just sources of income; lifelines for families, communities, and the nation as a whole.

The President who was represented by the Secretary to the Government of the Federation, Senator George Akume, at the event that was held at the State House Banquet Hall, assured the Diasporans of the government’s commitment to provide enabling environment for investment.

While acknowledging the role of the Diasporans in a nation’s economic development, the President said: “The Diaspora plays a critical role in any nation’s development. You, our brothers and sisters abroad, are an indispensable asset to our great nation. You are not only ambassadors of Nigeria in your respective countries, but also torch-bearers of excellence, innovation, and resilience.

“Your achievements across the globe are a source of immense pride for all of us. Yet, beyond pride, we recognize the unique potential you hold in helping shape the future of Nigeria. We recognize that by leveraging on your knowledge, expertise, and global connections, we can fuel our nation’s progress and thus bridge the developmental gap between Nigeria and the rest of the world.

He further said: “This is why the theme of this year’s Summit, “Adapting Stability through Diaspora Investment: Navigating the Path to Prosperity”, is not only relevant but underscores the role you can play in helping us secure a brighter future for all Nigerians.”

He assured investors that “Nigeria is open for business; we are committed to providing the support and enabling environment you need to invest with confidence. Together, let us forge partnerships that will drive progress and prosperity for our nation.

“We are here to help you navigate the journey ahead and provide the backing needed to turn your ideas into reality.”

The President added: “As highlighted in the theme of this event, “adapting stability” Diaspora investment is the cornerstone for navigating the path to prosperity in any nation. It is thus in recognition of this truth, that from our very first day in office, we committed ourselves to a tireless pursuit of stabilisation across every key facet of our country.

“In our journey to reshape our nation, we have placed a focused lens on tackling the longstanding challenges that have so far hindered our progress, particularly within the realms of economic reforms, security enhancement, food security, transportation, energy, education, health and infrastructural development.

“These areas are not merely pillars of our policy; they are fundamental components of a stable and resilient nation”. The President commended NIDCOM and the Nigeria Diaspora Summit Initiative (NDSI) for putting the summit together, saying “And by bringing together local entrepreneurs and diaspora investors, they are not just supporting individual ventures but forging collaborations that will drive our nation’s prosperity forward.

“Indeed, it is this kind of forward-thinking that aligns with our mission of stabilization and growth, thus paving the way for a brighter and more prosperous future for Nigeria,” he said.

The President listed some of the critical steps taken since assuming office, which include the removal of fuel subsidy and floating of the naira.

He said to ameliorate the effect on the masses, the administration came up with a number of palliative measures, which include Compressed Natural Gas (CNG) initiative, cash transfers, Naira for Crude among others.

Tinubu added that: “We aim not only to reduce transportation costs by up to 60% but also to alleviate the economic pressure on our citizens by creating cheap transportation, new jobs in conversion centres and refueling stations as well as ultimately strengthening our economy by reducing dependence on imported fuels.”

On cash transfer, the President said: “So far, as testified to by a World Bank report, about 1.7 million Nigerians have directly benefited from this program. Building on this progress, we recently initiated the second phase, disbursing over N10.28 billion to 411,292 households across all 36 states of the federation with the aim of ensuring that every family in need is reached and supported.

“In September 2024, we took further steps to enhance this initiative by disbursing an additional N24 billion to nearly one million households. This is more than just giving out money; it’s our way of saying, “We see you; we hear you, and we are in this together.

“Furthermore, this administration has taken a comprehensive approach to security by addressing the root causes of instability. We introduced initiatives like the N50 billion Pulako Initiative, aimed at fostering peace and development in conflict-prone areas.

“In addition, our youth empowerment programs provide meaningful opportunities for young people, steering them away from crime and violence. These efforts are already yielding positive results. Over 4,600 hostages have been freed, more than 9,300 hostile elements neutralized, and over 7,000 terrorists and bandits arrested.”

He added that the administration has invested heavily on military hardware and others include drones.

The President also announced to the participants that all the sectors to be considered at the summit are already experiencing reforms.

He said: “Ladies and gentlemen, let me use this opportunity to inform all participants that each of the sectors being highlighted at this Summit, whether it is Finance, ICT, Agribusiness, Healthcare, Real Estate, Manufacturing, or Energy, are already experiencing ongoing reforms designed to attract investments.”

He further assured them that the government is committed to “creating an enabling environment that fosters growth and innovation in these key areas. There are vast investment opportunities waiting to be tapped, and with our focused approach to sectoral reforms, we can assure immense returns for those willing to invest and contribute to our nation’s growth.”

Tinubu also appealed for their support in implementing the impressive reforms aimed at transforming the economy and enhancing the nation’s resilience.

He added: “We know that the government cannot achieve this vision alone. The Diaspora are our invaluable partners in this journey to national prosperity and unlocking the full potential of our initiatives, thus Diaspora involvement is not just welcomed; it is essential. We are well aware of the need to structurally engage and leverage on talent and resources of the Diaspora in achieving a prosperous nation.”

On his part, Director General, Directorate of Technical Cooperation in Africa, Amb. Rabiu Dagari, said Nigeria Diasporans remains the key to drive the nation forward.

He said: “Our nation stands at a pivotal juncture, where both stability and sustainable growth are imperative and paramount. The Nigerian Diaspora, one of the country’s greatest assets, plays a central role in shaping this future. As a reservoir of talent, resources, and innovation, the Nigeria Diaspora are key to fostering economic resilience and driving Nigeria toward long term prosperity.

“Let us be reminded therefore that our strength in navigating this global economic turbulence lies in our ability to harness the diverse talents and resources of these Nigerians across the globe. The Nigeria Diaspora Investment Summit (NDIS) facilitates this by encouraging Diaspora investment into productive ventures that not only grow and diversify the economy, but also provide jobs and transfer of skills and capacities.”

NDIS Coordinator, Dr. Badewa Adejugbe-Williams, explained that “this summit    is more than just a meeting; it is a movement. It is a call to action, inviting us all to harness our collective energies, our ideas, and our resources to shape a prosperous country for ourselves and the    generations to come.”