President Bola Tinubu has again expressed confidence that Nigeria is still on the right path to full recovery and prosperity despite the current economic challenges facing the country.
He restated this while speaking at the Aso Rock Presidential Villa Abuja during the 7th edition of the Nigeria Diaspora Investment Summit (NDIS) with the theme, “Adapting Stability through Diaspora Investment: Navigating the Path to Prosperity.”
The event, which was organised by the Nigerians in Diaspora Commission (NiDCOM) in conjunction with Nigeria Diaspora Summit Initiative, showcased an array of investment opportunities for entrepreneurs and investors at home and abroad to explore, invest and help turn the nation’s economy around.
Giving his remarks at the summit, which was co-sponsored by Pelican Valley Nigeria Limited and other notable partners, Tinubu commended the organisers for their continued faith in the country’s developmental trajectory and for encouraging diaspora remittances and investments back home.
The president, who was represented by Secretary to the Government of the Federation, Senator George Akume, disclosed that $20 billion was remitted by Nigerians in the diaspora in 2023, expressing the readiness of the Federal Government to keep creating an enabling environment to encourage Nigerians abroad to continually contribute to the growth and development of their fatherland.
Reports have it that $20 billion Diaspora remittance to Nigeria was higher than the $19.5billion in 2023, going by the World Bank report which also identified the United States as the largest source of remittances in the world, followed by Saudi Arabia and Switzerland.
The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, had reportedly said that Nigeria was expecting a doubling of its Diaspora remittances in the near future to boost its foreign exchange earnings.
The president reiterated that the two critical policies of his administration, fuel subsidy removal and free floating of foreign exchange, were meant to arrest the multiple forex rates that caused distortion in the nation’s socio-economic growth.
Also speaking at the event, the Chairperson and Chief Executive Officer of NiDCOM, Hon. Abike Dabiri-Erewa, highlighted the steps being taken by the President Tinubu-led administration to allay the fears of investors and protect their investments in Nigeria.
She identified the ongoing infrastructural development in several areas of the country as well as security reforms as parts of the steps, urging Nigerians in the diaspora to avail themselves of the abundant investible opportunities in their fatherland.
Nigeria needs to do what they need to do in infrastructural development; roads need to be done, power and everything but this administration is making efforts to ensure that the right infrastructure is in place for investors coming to Nigeria.
“Security, of course, is an issue but there are ongoing security reforms to make sure that your investments are also protected,” Dabiri-Erewa assured.
In his goodwill message, the Chief Executive Officer of Pelican Valley Nigeria Limited, Ambassador (Dr) Babatunde Adeyemo, described the event as a great honour bestowed on Nigerians in the diaspora.
He noted that the summit was a veritable means of linking Nigerians in the diaspora with genuine and top-notch entrepreneurs not only in the real estate industry but also other sectors.
The leading real estate entrepreneur, who graciously thanked NiDCOM for the honour, pledged to rededicate his company to do more in the area of delivering innovative, technology-driven and energy-efficient smart homes.
Recalling his journey into real estate about 14 years ago, Adeyemo said that despite the challenging business climate, the firm has been able to practice the trade consistently with due diligence, integrity and standards without cutting corners, litigations or police cases.
He added that Pelican Valley has fully approved government layout for its estates, including a recent approval of about 600 plots of land for Pelican Brief and Ecostay Apartments extensions.
He explained that the essence is to create an enabling environment for average Nigerian youths to grow and foster an atmosphere that will drive non-oil foreign exchange remittances and investments into the country in order to help the economy and reduce the inflation threatening to take away people’s future.
He said, “We will always urge our governments and leaders to reciprocate our efforts in the real estate sector. If things are done the way they are supposed to be, we will not be looking for foreigners to grow our economy. Nigerians at home and diaspora can do a lot to help. It is not all about what Dr Babatunde Adeyemo is going to eat, I think I’m content with what God has done for me but this is all about creating an enabling environment for an average Nigerian youth to grow.
“It is all about looking forward to getting non-oil foreign exchange remittances into Nigeria so as to help our economy to reduce this killing inflation that is about to take away our future.”
He commended Hon Dabiri-Erewa for the wonderful job she is doing at NiDCOM to project Nigeria and her potential globally as well as fostering partnerships to help Nigerians in the diaspora identify worthy business opportunities at home and abroad for investment.
Adeyemo specifically identified lauded the invaluable support being extended to the real estate firm by NiDCOM boss, recalling vividly that at the commissioning of the first set of Pelican’s Ecostay Apartments in Kobape, Ogun State on September 11, 2024, Dabiri-Erewa was not only well represented but she also expressed the readiness of the commission to partner with him in showcasing novel real estate products to Nigerians in the diaspora.
He also noted that the feat attained in the industry in the last couple of years would not have been possible without the enabling environment provided by Governor Dapo Abiodun, whom he commended for his distinctive leadership that has been instrumental in attracting investments and promoting entrepreneurship in the Ogun State.
Earlier in her address, the Coordinator of the Nigeria Diaspora Investment Summit (NDIS), Badewa Adejube-Williams, said the meeting was meant to engage and inspire participants and stakeholders.
Adejube-Williams also described the platform as a movement and a “call to shape the prosperity of the country.”
“This platform (NDIS) is a movement that can’t be stopped. It is a call to action, to invite all of us to harness our collective energy, our ideas and our resources to shape a prosperous country; the country of our dreams for us, for our children, grandchildren and the generations to come,” she added.
