Nigeria is seen as a country with immense economic potential due to its abundant natural resources, growing consumer markets, innovativeness, and ingenuity. Many countries view Nigeria as a lucrative market for investments in sectors such as energy, infrastructure, telecommunications, agriculture, and manufacturing. During our visit to Lagos and Abuja, we have witnessed this in action. We have visited Vibranium Valley showcasing their innovative startups ranging from electric cars, motorcycles, to EduTech, and Fintech. Met with Nigerians in the Diaspora Commission (NiDCOM), the Nigerian creative sector with its tremendous growth, impacting popular culture from art and entertainment to music and fashion. The US Consulate General hosted a conversation highlighting private sector investment and trade opportunities that capitalize on US-Nigeria relations.
All these are indications of the WHY Nigeria, which include the following reasons as well:
- Economic Contribution: The Nigerian diaspora constitutes a significant source of remittances to be exact: $22 billion in 2022, which is only second to Oil. Hence, involving the diaspora can help leverage their financial contributions.
- Skills and Expertise: Many Nigerians abroad possess valuable skills, expertise, and experiences that can benefit various sectors in Nigeria, such as technology, healthcare, education, and governance. Involving the diaspora allows Nigeria to tap into this pool of talent for development initiatives.
- Diplomatic Influence: Nigerian diaspora communities often maintain strong ties with their home country and can act as cultural ambassadors and advocates on Nigeria’s behalf in their adopted countries. This can enhance Nigeria’s diplomatic influence and soft power globally.
- Knowledge Exchange and Transfer: Diaspora members bring knowledge of best practices, innovations, and technologies from their host countries, which can be adapted and applied in Nigeria to drive growth and development.
- Political Engagement: Engaging the diaspora politically can strengthen democratic processes, increase civic participation, and foster a sense of national unity and pride among Nigerians both at home and abroad.
- Development Projects: Many diaspora members are involved in philanthropic activities and development projects in Nigeria, ranging from healthcare to education and infrastructure. Collaborating with the diaspora can amplify the impact of these initiatives.
