Nigeria Set Sights on $3 Billion Diaspora Investment Funding
Chairman and Chief Executive Officer of the National Diaspora Commission, Abike Dabiri-Erewa said Nigeria expects $3 billion in investment funding from citizens living mainly in the United States, to support the agriculture, power, mining and transportation sectors of the country.
Dabiri-Erewa said the Nigerian government would support “a diaspora investment fund”. She said “they’re planning a $3 billion investment in Nigeria. The fund will be driven by Nigerians in America”.
According to her, Oil currently accounts for about two-thirds of government revenue and more than 90 per cent of foreign income, a situation the country is seeking to rectify by diversifying the economy. A sharp drop in crude prices in 2014 and foreign-currency shortages that followed, led Nigeria into its first economic contraction in a quarter century in 2016.
According to Dabiri-Erewa, the government’s focus is primarily on non-oil investments, with mining and agriculture among the top priorities. However, the adviser failed to state when the fund will be set up.