Onyeagwu seeks shift to diaspora direct investments

By Favour Aliyu The Group Managing Director/Chief Executive of Zenith Bank, Ebenezer Onyeagwu, has called for increased collaboration of Nigerians in the diaspora for the nation to achieve its economic growth targets. He made the call during the 4th Edition of the Nigeria Diaspora Investment Summit 2021 organised by the Nigerians in Diaspora Commission (NiDCOM) […]

By Favour Aliyu

The Group Managing Director/Chief Executive of Zenith Bank, Ebenezer Onyeagwu, has called for increased collaboration of Nigerians in the diaspora for the nation to achieve its economic growth targets.

He made the call during the 4th Edition of the Nigeria Diaspora Investment Summit 2021 organised by the Nigerians in Diaspora Commission (NiDCOM) on Tuesday, November 16, 2021.

Delivering his remarks, Onyeagwu commended the federal government and the Central Bank of Nigeria (CBN) for leading with policies that create an enabling environment for investment in Nigeria, such as the “Naira 4 Dollar Scheme”, which contributed to boosting diaspora remittances by providing incentives for recipients of international money transfers.

Onyeagwu also passionately highlighted Nigeria’s enormous investment potential, especially the nation’s huge market and youthful population, which is a veritable source of labour and a consuming population.

Highlighting the need for partnership and collaboration of Nigerians in the diaspora to achieve Nigeria’s economic growth targets, particularly during these challenging times, Onyeagwu pointed out that across the globe, the diaspora community plays a critical role in their home country’s economic growth and development.

He noted that Nigeria has enormous potential to attract significant diaspora inflow, most of which is coming in through informal channels. These remittance inflows and investments, which are counter-cyclical, help in ameliorating foreign exchange challenges as the funds form a significant buffer for the country’s foreign reserves.

Onyeagwu canvassed that the narrative should shift from diaspora remittance to Diaspora Direct Investment.

He said the bank will sustain its partnership with NIDCOM and the Nigeria Diaspora Investment Summit (NDIS) to create value for Nigerians in the diaspora through its products and services.