Market News

Omolabake Fasogbon

The unattractiveness of Nigeria’s economy has continued to take a toll on its richest citizens who are exploring greener pastures to sustain their wealth base. 

A global leader in residence and citizenship planning, Henley & Partners, Nigeria, expressed worry that if the present situation was not brought under control, over 300 millionaires may be forced to leave the country in the near future. This, he argued, could further erode the wealth base of the country. 

Speaking at a virtual press conference recently, Managing Director, Private Clients at Henley & Partners, Troy Hanley, underscored the need to embrace investment migration opportunities to mitigate economic uncertainties. 

Hanley, clarified the scope of investment migration, stating that it was not about leaving a home country, but creating entrepreneurs and giving businesses a platform to grow. 

He shared the prospects of investment migration, noting how it has enabled economies of countries like the United States, Canada, and Greece, to witness increased wealth concentration, while it is the other way round in Nigeria. 

“While the number of millionaires is rising in several nations, Nigeria is unfortunately losing high-net-worth individuals due to economic factors. Statistics indicate that Nigeria may lose over 300 millionaires in the near future, a concerning trend for the country”, he said. 

A Senior Consultant at the company, Chidinma Okebalama, spoke on the attraction in the African market, hitting at a planned West Africa Investment Migration Roadshow to further educate Nigerians and West Africans on global mobility and investment migration schemes. 

Speaking further on the campaign holding in Lagos, Abuja , and Accra, Ghana, Okebalama, alongside others, partners present at the conference enlightened that the roadshow would connect individuals to global networks and knowledge,as well as equip them with tools  to thrive internationally while staying rooted in their heritage. 

“With over 40 investment migration programs globally, we are focusing on those best suited for the Nigerian market, such as the Portugal Golden Visa Program, the Spain Program, the UK Program, the Canada Program, and the Caribbean Program,” she explained.