Nigerian diaspora plans to invest $ 3 billion in the country’s economy

Boubacar Diallo

Nigeria will benefit from a $ 3 billion “investment fund” from its diaspora, announced this week Abike Dabiri-Erewa (photo), presidential adviser for the affairs of the Nigerian diaspora.

In an interview with Bloomberg, the manager said that this new investment should be made mostly by the Nigerian community residing in the United States. The agriculture, energy, mining and transportation sectors should monopolize most new funding.

Thanks to these new funds, the Nigerian authorities wish to accelerate the process of economic diversification of the country. This should allow Nigeria to mitigate commodity price shocks from an economy that is more than 90% dependent on hydrocarbons.

As is the case in Kenya, the Nigerian diaspora, as well as that of several other African countries, has begun in recent years to get involved in the development projects of their country through increasingly important funding. In 2017, Africa’s most populous country had successfully completed a diaspora bond issue, raising approximately $ 300 million.

Note that for the moment, no details were given when the date of implementation of the new fund.

Agence Ecofin

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