President Bola Ahmed Tinubu has commended Nigerians in Diaspora for sharing dedication to forging a prosperous future for Nigeria.
The President said Diaspora played a critical role in any nation’s development, added that Nigerians living abroad, are an indispensable asset to the nation.
He said “You are not only ambassadors of Nigeria in your respective countries, but also torch-bearers of excellence, innovation, and resilience. Your achievements across the globe are a source of immense pride for all of us. Yet, beyond pride, we recognize the unique potential you hold in helping shape the future of Nigeria. We recognize that by leveraging on your knowledge, expertise, and global connections, we can fuel our nation’s progress and thus bridge the developmental gap between Nigeria and the rest of the world”.
President Bola Ahmed Tinubu stated this in a keynote address delivered at 7th Nigeria Diaspora Investment Summit (NDIS) opening ceremony held in State House Conference Center, Abuja on Tuesday 5th November,2024.
President Tinubu who was represented at the event by the Secretary To The Government of The Federation, Senator George Akume ,also commended the Nigerians in Diaspora Commission (NiDCOM) and the Nigeria Diaspora Summit Initiative (NDSI) for their thoughtful design of the summit.
He said the theme of this year’s Summit, “Adapting Stability through Diaspora Investment: Navigating the Path to Prosperity”, is not only relevant but underscored the role Diaspora can play in helping to secure a brighter future for all Nigerians.
In his words “As highlighted in the theme of this event, “adapting stability” is the cornerstone for navigating the path to prosperity in any nation. It is thus in recognition of this truth, that from our very first day in office, we committed ourselves to a tireless pursuit of stabilization across every key facet of our country. In our journey to reshape our nation, we have placed a focused lens on tackling the longstanding challenges that have so far hindered our progress, particularly within the realms of economic reforms, security enhancement, food security, transportation, energy, education, health and infrastructural development. These areas are not merely pillars of our policy; they are fundamental components of a stable and resilient nation.
“By structuring pitching sessions across key sectors such as finance, entertainment, healthcare, agribusiness, education, manufacturing among others, they have demonstrated a deep understanding of our nation’s critical growth areas. And by bringing together local entrepreneurs and diaspora investors, they are not just supporting individual ventures but forging collaborations that will drive our nation’s prosperity forward. Indeed, it is this kind of forward-thinking that aligns with our mission of stabilization and growth, thus paving the way for a brighter and more prosperous future for Nigeria.
“One of our first critical steps in this journey of stability was the removal of the fuel subsidy which had hitherto drained approximately $10 billion of our funds annually. We understood that achieving stability and prosperity requires strategic sacrifices and bold decisions and that was why we made this deliberate and forward-thinking move to redirect our valuable resources into areas that will directly impact the well-being and prosperity of the Nigeria citizens. This policy has already started yielding tangible results such as a 50% reduction in petrol importation and increased monthly receipts for States and Local Governments from the Federal Accounts Allocation Committee (FAAC), geared towards enabling more support to vulnerable populations in the country.
“We recognize that these bold reforms, while essential for long-term stability, have brought immediate challenges for many Nigerians. This is why our administration swiftly introduced parallel measures to cushion the impact, ensuring that no citizen bears the weight of the impact. In response to the growing burden of rising fuel costs on our citizens, our administration launched the Presidential Compressed Natural Gas (CNG) Initiative, a transformative effort designed to provide succor to the people, empower our transportation sector as well as promote a more sustainable energy future. To kickstart this initiative, we launched CNG-powered buses in Abuja, with the first batch delivered by Innoson Vehicle Manufacturing Company (IVM), in line with our commitment to boost local manufacturing. To further ease the transition to CNG, we introduced a “convert now, pay later” initiative, allowing commercial vehicle owners to convert their vehicles to CNG through flexible and competitive payment plans. This approach not only reduces the financial burden of conversion but also encourages the wider adoption of cleaner fuel alternatives by the commercial drivers.
“Additionally, we distributed 2,000 CNG-powered tricycles to youth nationwide, thus providing them with affordable transportation options and creating new economic opportunities. Moreover, all government ministries, departments, and agencies are now mandated to procure only CNG-powered vehicles. While we are making significant progress, challenges remain, such as the urgent need for more refueling stations and addressing concerns regarding the accessibility of conversion centers. However, we are actively establishing strategic partnerships and employing innovative funding options to create a robust CNG ecosystem. Through these collective efforts, we aim not only to reduce transportation costs by up to 60% but also to alleviate the economic pressure on our citizens by creating cheap transportation, new jobs in conversion centers and refueling stations as well as ultimately strengthening our economy by reducing dependence on imported fuels.
“In our unwavering commitment to further alleviate the economic hardships faced by many Nigerians, we launched the Renewed Hope Conditional Cash Transfer Program last year as a crucial pillar of our administration’s social safety net. This initiative was not merely to provide temporary relief; it is also to empower our most vulnerable citizens to navigate these challenging times. So far, as testified to by a World Bank report, about 1.7 million Nigerians have directly benefited from this program. Building on this progress, we recently initiated the second phase, disbursing over ₦10.28 billion to 411,292 households across all 36 States of the Federation with the aim of ensuring that every family in need is reached and supported. In September 2024, we took further steps to enhance this initiative by disbursing an additional ₦24 billion to nearly one million households. This is more than just giving out money; it’s our way of saying, “We see you, we hear you, and we are in this together.
“In addition to these direct interventions, we had to extend and reinforce the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) program, which was initially launched to mitigate the effects of the pandemic. While it began under the previous administration, we recognized the ongoing need for this critical support and secured an extension of the program through June 2024. Through this initiative, we disbursed over ₦573 billion to all 36 States and the Federal Capital Territory, with allocations made between late 2023 and mid-2024. This financial lifeline has been instrumental in supporting small businesses, protecting vulnerable households, and addressing food security challenges exacerbated by the recent flooding.
“we recognized that bold action was necessary in managing our foreign exchange market. This led to us taking the significant step of unifying the multiple exchange rates that had long caused market distortions and stifled our economic growth. This decision was not made lightly and we understood the challenges it would bring. However, we believed it was essential to establish a more transparent and market-driven foreign exchange regime. Through this reform, our aim was to stabilize the value of the Naira, foster investor confidence, and simplify operations for businesses planning for the future. As a result of unifying the forex market, we saw forex inflows rise to around $2.55 billion in just two months. While this increase was a positive sign that floating the naira was the right decision, it brought along with it some challenges. The exchange rate began to reflect real market demand and supply, putting downward pressure on the naira’s value, which affected prices and costs for everyday Nigerians. However, this step was essential to ending the long-standing disparities and speculation in the forex market, which had often placed an undue burden on our people.
“As a proactive measure to tackle the challenges that arose from floating the naira, we introduced the “Naira for Crude” policy. This initiative focuses on selling crude oil in Naira instead of Dollars. Our goal in allowing crude oil buyers to pay in Naira was to create more demand for our currency and help strengthen the naira in the forex market, thus, contributing to a more stable and resilient economy.
“Ladies and gentlemen, you will here today will no doubt agree with me that small businesses are the backbone of any economy. They are more than just sources of income; they are lifelines for families, communities, and our nation as a whole. From the bustling markets in Lagos and Kano, to the innovative start-ups in Abuja, and industrial hubs in Nnewi, small businesses play a crucial role in creating jobs, fostering stability, and driving growth. In recognition of their importance, our administration prioritized several key initiatives to support this small business growth. One such initiative was the Presidential Conditional Grant Scheme (PCGS), a program launched last year and rolled out this year, to empower often-overlooked small business owners by offering them direct grants of N50,000 each. A total of one million nano businesses across all local government areas, were targeted for this grant. In addition, through targeted loans, we empowered 75,000 micro and small business owners with up to N1 million each with the aim of scaling their operations. To further strengthen our support, we are constructing ten MSME hubs across the country, and thus creating 240,000 jobs. These hubs will provide vital resources, training, and support services to help small businesses succeed in this country.
“Also, at the beginning of this year, we inaugurated the Implementation Committee for the National Philanthropy Office, with the mandate of raising capital to support Micro Small and Medium Enterprises in the country. I want to assure you that our efforts are far from over and every hand is on deck, working tirelessly to create an ecosystem where small businesses have the resources they need to grow and contribute to the prosperity of our nation.
“Ladies and gentlemen, we cannot talk about a stable and prosperous nation without discussing security, as no investor would truly want to invest in an unsecured environment. Recognizing this, we made national security a top priority of this administration. From the outset, we have been committed to modernizing and equipping our security forces, ensuring they have the right tools, training, and sufficient personnel to effectively combat threats. It was in line with this that we approved the recruitment of 30,000 new police officers every year, so that our police force is not overworked and can better discharge their duties effectively.
“To further strengthen our security capabilities, we established the Nigerian Army Cyber Warfare School to protect our country not just physically but also to secure our critical infrastructure in the face of evolving threats. We have also invested in drones and advanced surveillance systems to enhance monitoring and intelligence gathering in order to allow our security forces respond swiftly and precisely to emerging threats. In addition, we have procured modern armored vehicles and weaponry, including battle tanks and other advanced combat vehicles to improve the mobility and firepower of our security forces, which are essential for their successful ground operations against armed groups and criminal elements.
“Furthermore, this administration has taken a comprehensive approach to security by addressing the root causes of instability. We introduced initiatives like the N50 billion Pulako Initiative, aimed at fostering peace and development in conflict-prone areas. In addition, our youth empowerment programs provide meaningful opportunities for young people, steering them away from crime and violence. These efforts are already yielding positive results. Over 4,600 hostages have been freed, more than 9,300 hostile elements neutralized, and over 7,000 terrorists and bandits arrested.
“Ladies and gentlemen, let me use this opportunity to inform all participants that each of the sectors being highlighted at this Summit, whether it is Finance, ICT, Agribusiness, Healthcare, Real Estate, Manufacturing, or Energy, are already experiencing ongoing reforms designed to attract investments. While time may not allow me to go into the specifics of each reform, let me assure you that this government is committed to creating an enabling environment that fosters growth and innovation in these key areas. There are vast investment opportunities waiting to be tapped, and with our focused approach to sectoral reforms, we can assure immense returns for those willing to invest and contribute to our nation’s growth.
“Distinguished guests, where I come from, there is an that “Agbajo owo la fi ns’oya, ajoji owo kan ko gberu d’ori” which simply means “it is through the pooling of resources that we achieve success; a single hand cannot lift a burden”. As we implement impressive reforms aimed at transforming our economy and enhancing our nation’s resilience, we know that the government cannot achieve this vision alone. The Diaspora are our invaluable partners in this journey to national prosperity and unlocking the full potential of our initiatives, thus Diaspora involvement is not just welcomed; it is essential. We are well aware of the need to structurally engage and leverage on talent and resources of the Diaspora in achieving a prosperous nation.
“I must commend the Nigerians in Diaspora Commission (NiDCOM) for their tireless efforts in creating pathways for meaningful collaboration with our brothers and sisters abroad. The Commission has not only served as a bridge connecting the Nigerian Diaspora with opportunities at home but has also been at the forefront of several impactful initiatives, which have created avenues for our Diaspora to contribute significantly to our national development. I would like to personally commend the Chairman of NiDCOM, Hon. Abike Dabiri-Erewa, for her outstanding leadership and unwavering commitment to these initiatives. Her dedication and that of her entire team is helping to unlock new opportunities and deepen our ties with the Diaspora community.
“I therefore extend my heartfelt appreciation to the entire team of NiDCOM and the Nigeria Diaspora Summit Initiative (NDSI) for their unwavering support and commitment in driving this private-sector driven Nigeria Diaspora Investment Summit (NDIS). Your diligence, hard work and dedication behind the scenes not only go to make this event a success but are also laying a strong foundation for meaningful investments and strategic partnerships.
“And to the investors, let me assure you that Nigeria is open for business; we are committed to providing the support and enabling environment you need to invest with confidence. Together, let us forge partnerships that will drive progress and prosperity for our nation”Tinubu concluded.
In a welcome address, NDIS Summit Coordinator and Chairman Board of Trustees,Dr. Badewa Adejugbe-Williams said the remarkable achievements of the Nigeria Diaspora Investment Summit (NDIS) over the past seven years, have drawn global recognition and interest of allies who are committed to engaging the Diaspora and contributing to the prosperity of our nation.
She said the seventh edition is particularly significant as it representing NDIS successful journey, one that has been marked by extra ordinary success stories and unwavering commitments to our nation’s progress.
“All through this journey, we have seen firsthand how the collaboration between the Diaspora community, business owners, and government leaders has sparked an influx of Diaspora investments into local businesses thereby propelling the rapid development of our country. Each edition has built on the momentum of the last in turning ideas into thriving business and empowering small and medium sized enterprises with the resources they need to expand.
She encouraged pitchers to leverage the invaluable training provided by the NDIS team to present ideas with excellence so as to attract the investments that can help drive growth in the country.
“We look forward to seeing your pitches blossom into fruitful endeavours and success stories that surpasses even the remarkable stories we have recorded at previous Summits.
“It is important to recognize that these successes would not have been possible without the unwavering support of our dedicated Diaspora investors.
Despite the twisted narratives and unfounded rumors that sometimes dominate the global headlines and social media, you have consistently chosen to invest in the businesses of our local entrepreneurs and in the prosperity of our nation. This commitment does not only highlight the deep spirit of patriotism that exists among our Diaspora community but also a testimony that the Diaspora are an indispensable ally in the quest for national development. I therefore want to use this opportunity to appreciate you for your belief in the progress of our nation.
“As we gather for this significant event, it is vital to take a moment to express our sincere appreciation to our esteemed sponsors and partners. Your long-term support has been instrumental in the successful organization of this year’s summit, and we cannot thank you enough for your unwavering commitment to our mission.
Badewa also commended the enduring support of the government, which she said has been instrumental in the growth and sustainability of the initiative.
She added “From its inauguration by the former Vice President Yemi Osinbajo to the continued backing of this ever forward thinking administration. The government’s unwavering commitment cannot be overstated. Today, we are specially honored to have His Excellency President Bola Ahmed Tinubu among us. His presence at this summit signifies more than just a ceremonial role; it underscores his vision for a flourishing and prosperous country, a vision that recognizes the indispensable role of the Diaspora in our national development. Moreover, the President’s willingness to participate in this summit sends a powerful message of encouragement to all of you present here today. It reinforces the notion that the government is not merely a facilitator but a committed partner in your entrepreneurial journey
In the same vein, it is my great honor to welcome our esteemed guest speaker, Alhaji Aliko Dangote, a titan of industry and a true embodiment of resilience and patriotism in investing in Nigeria. Over the years, Alhaji Dangote has not only built one of the largest conglomerates on the continent but has also demonstrated an unwavering commitment to the growth and development of our nation. His speech on the challenges and rewards of investing in our nation which he will be delivering later on today, will undoubtedly provide invaluable guidance to both the Diaspora investors and the aspiring entrepreneurs present here. He understands, perhaps better than anyone, the unique landscape of investing in Nigeria. His success story serves as a powerful testament to what can be achieved through unwavering commitment and perseverance, even in the face of challenges”.
Earlier in her opening Remarks, Chairman/CEO, Nigerians in Diaspora Commission NiDCOM, applauded President Bola Tinubu led government, including some state governments for their support to Diaspora and NDIS in the last 7years,she assured participants that this year summit will be beneficiary to all.
In his goodwill message,Ambassador Rabiu Dagari,Director-General, Directorate of Technical Cooperation in Africa DTCA,said the Nigerian Diaspora, remain one of the country’s greatest assets, playing a central role in shaping the nation’s future.
He said “As a reservoir of talent, resources, and innovation, the Nigeria Diaspora are key to fostering economic resilience and driving Nigeria toward long term prosperity. Let us be reminded therefore that our strength in navigating this global economic turbulence lies in our ability to harness the diverse talents and resources of these Nigerians across the globe. The Nigeria Diaspora Investment Summit (NDIS) facilitates this by encouraging Diaspora investment into productive ventures that not only grow and diversify the economy, but also provide jobs and transfer of skills and capacities.
“We believe strongly that no one can sincerely develop Africa like Africans. This belief continues to fuel our commitment to Diaspora engagement as a transformative force for national and continental development. We therefore remain committed to supporting initiatives like NDIS and collaborating with institutions and stakeholders that share the vision of empowering Africa’s people to lead the charge for their own development
While the Directorate remains dedicated to supporting Diaspora engagement, we urge our Diaspora to see themselves as crucial partners in transforming Nigeria’s economic landscape. The Nigerian government is committed to creating the necessary support structures and policies to ensure your investments thrive. To esteemed business owners, you are the backbone of Nigeria’s economy; your innovation, entrepreneurship, and resilience are critical drivers of growth and prosperity.
“I encourage all of us therefore to leverage on the momentum of this Summit to foster new partnerships, new innovations, and collectively impact Nigeria’s development. Let us channel our expertise and resources toward building a brighter and more prosperous future for generations to come”.
