Urging Diaspora Investment Over Remittances

Nigerians living abroad were urged to shift their financial engagement from sending remittances for family consumption to making structured investments in Nigeria's productive sectors, as President Bola Tinubu opened the Nigeria Diaspora Economic Conference in Canada. The call was delivered by Chief of Staff Femi Gbajabiamila, who represented the President at the event held at the Apollo Convention Centre in Mississauga, Ontario, from August 13 to 15, 2026.

The conference, themed "Invest Nigeria, Thrive Abroad," was organized by the Nigerians in Diaspora Commission (NiDCOM) to channel diaspora resources, expertise, and networks into sustainable investment, job creation, and economic development. While acknowledging that remittances, which exceed $20 billion annually, support millions of households, officials argued they should be the starting point, not the limit, of diaspora economic participation.

Gbajabiamila presented economic data to bolster the investment case, citing real GDP growth of 3.89% in the first quarter of 2026, manufacturing growth of 3.29%, and foreign reserves above $45 billion. He referenced an International Monetary Fund projection of 4.1% economic growth...