Nigeria is taking a bold step toward economic growth by proposing a Citizenship by Investment (CBI) program, allowing foreign investors to obtain nationality in exchange for significant financial contributions.
This initiative, currently under consideration by the House of Representatives, aligns with global trends where countries leverage such programs to attract foreign capital and boost economic development.
The Citizenship by Investment Bill, sponsored by Deputy Speaker Benjamin Kalu and other lawmakers, recently passed its second reading in the House.
If successfully implemented, the program could position Nigeria as a leading destination for global investors seeking access to Africa’s largest economy.
How Nigeria’s CBI Program Could Work
Currently, Egypt and Mauritius are the only African nations with formal citizenship by investment schemes.
Egypt’s program requires a $250,000 non-refundable contribution or investment in approved real estate or business.
Meanwhile, Mauritius offers permanent residency through investment, demanding a $375,000 real estate investment for a 20-year residence permit, with citizenship eligibility after seven years.
While Nigeria’s program details are yet to be finalized, experts suggest it may adopt a similar model.
The program could require investments in real estate, government bonds, petroleum, manufacturing, or technology sectors, depending on the country’s economic priorities and political stance.
The Nigerian government is optimistic that this initiative will attract wealthy investors, entrepreneurs, and high-net-worth individuals looking for opportunities in a growing African market.
The bill seeks to create a new category of citizenship for investors meeting specific financial thresholds and contributing to key economic sectors.
A lawmaker emphasized, “The proposed alteration aims to attract foreign direct investment by granting Nigerian citizenship to individuals who invest in the Nigerian economy above a specified financial threshold or in strategic sectors critical to national development.”
If successfully implemented, the CBI program could significantly boost foreign direct investment (FDI), enhance Nigeria’s economic stability, and position the country as a competitive player in the global investment landscape.
Countries with well-structured CBI programs have seen substantial economic benefits, including increased job creation, improved infrastructure, and strengthened financial markets.
While the specifics of Nigeria’s CBI plan remain undisclosed, its potential to stimulate economic growth and attract global capital makes it a significant development.
Many remain hopeful that this initiative will bring positive economic transformation while providing investors with valuable opportunities in Africa’s largest economy.
