Central Bank To Eliminate Bottlenecks Against Diaspora Remittances

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The 6th Nigeria Diaspora Investment Summit starts this week with a pledge by Central Bank governor Dr Olayemi Cardoso that the apex bank will collaborate with all financial institutions to improve remittance channels by eliminating bottlenecks. 


Dr Cardoso stressed the significance of Diaspora remittances to the Nigerian economy when he received Dr Abike Dabiri-Erewa, Chairman & CEO of the Nigerians in Diaspora Commission (NIDCOM) at the Central Bank of Nigeria headquarters in Abuja on….


Cardoso assured that the Central Bank would consider and implement measures to reduce transaction costs for Diasporans sending money back home. He affirmed that Nigeria would harness the resources, skills, and potential benefits from the Diaspora community. 


Diaspora remittances to Nigeria amounted to US$19.9b in 2021. It was higher than Foreign Direct Investment.  


The 6th Nigerian Diaspora Investment Summit will be held on digital and physical tracks from 13-15 November 2023 in Abuja. 


Agriculture and crowdfunding will be the lead focus of technical and mentoring sessions at the NDIS 6 2023. Renowned global non-profit Heifer International will lead the exposition during a special session highlighting significant investment opportunities, trends and developments, and thought leadership insights in the Agribusiness sector. Heifer is the lead sponsor.


On their part, the UK-based Africa Foundation for Development (AFFORD) will moderate a crowdfunding session to share knowledge, insights and tips on tapping into crowdfunding for startup and early-stage fundraising. 

The sixth session of the annual NDIS takes place under the new government of President Bola Tinubu and will support the government’s investment drive. Vice President Mallam Kashim Shettima will present a keynote and lead high-level discussions. 


There will be a business pitching segment where home-based entrepreneurs and founders present their identified and verified investment opportunities.  

The organisers say 3,000 physical and virtual participants will be at NDIS 6. There will also be “at least 72 identified Nigerian Diaspora investors, over 200 small business owners and 50 business pitchers seeking investors.” 


It will feature about 30 exhibitors and in-person attendance by over 60 officials from the MDAs. That represents a fantastic gathering for networking, business deals and physical and virtual interaction.

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