NiDCC eyes $20bn diaspora remittance with investment platforms

The Nigerians in Diaspora Chamber of Commerce has introduced investment platforms targeted at Nigerians in the diaspora.

The Chamber, according to a statement, formally launched eight prospective projects on Monday in Lagos at an event themed ‘The People, the Business, and the Future of Emerging Markets’.

Speaking at the launch, the President of NiDCC, Mrs Patience Key, disclosed that the initiatives are designed to unlock structured and secure investment opportunities for diasporans.

In her welcome address, Mrs Key stressed the need to bridge the gap between emerging and advanced markets, noting that NiDCC was created not just to connect people but to foster inclusion, mutual respect and sustainable development for Nigeria.

She highlighted the significant economic role of Nigerians abroad, noting that diaspora remittances exceed $20bn annually, making them a major contributor to the nation’s Gross Domestic Product.

According to her, the projects are structured to provide transparency, reduce risks and encourage long-term diaspora participation in national development.

In a goodwill message, Senator Gbenga Daniel acknowledged the challenges faced by Nigerians in the diaspora, noting that while they are deeply concerned about developments at home, they often encounter constraints when attempting to invest. He described the role of Nigerians in diaspora commerce as “strategic and broad”.

Delivering the keynote address on the macroeconomic environment, Managing Director of Easypay, Prof. Matthew Edevbie, stated that Africa has recorded an average of 19 years of growth, with technology and renewable energy poised to drive future development. He noted that despite Nigeria’s current inflationary pressures, sectors such as telecommunications have stimulated infrastructure investment, expanding significantly by the end of 2024.

He emphasised that sustained infrastructure investment, strategic partnerships, stakeholder management and policy advocacy are critical to boosting Nigeria’s GDP from its emerging market position.

Representing the Lagos State Government, Secretary to the Office of Diaspora Affairs, Jermaine Sanwo-Olu, applauded Nigerians in the diaspora as catalysts of change, acknowledging their immense impact on the economy. He outlined initiatives by the state government targeted at them, including the Lagos Diaspora Health Insurance Policy, “Waka Eko Health”, and the development of a Diaspora Estate in Badagry.

Also speaking, Senator Aminu Tambuwal called on investors to explore opportunities in the power sector, noting that the North-West lags in electricity and industrialisation. He disclosed that Nigeria requires approximately N53tn to fund the 2026 budget, reiterating the critical role of diaspora contributions.

Also present at the launch was the former Inspector General of Police, Mike Okiro, who underscored the importance of security as a foundation for investment, stressing that ensuring the safety of lives and property remains essential for attracting and retaining investors.