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Between FG And Diaspora Investors

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Olusegun Aganga is Nigeria’s trade and investments minister. An accomplished investment banker and erstwhile holder of the nation’s finance portfolio. He joined the ministerial train not quite long ago after relinquishing his managing directorship of the prestigious investment firm of Goldman Sachs in Europe.

As part of his new charge, Aganga has the unenviable task of exploring fresh grounds for more robust trade relations with the outside world. And this he has to undertake alongside developing alternative strategies on how best to attract more investments to help rouse the nation’s near prostrate economy.

The minister has already hit the road, running. At a recent parley with a cross section of his Diaspora compatriots, Aganga was reported to have hinted on the Federal Government’s plan to initiate a drive for the mobilisation of at least 10 per cent of the informal remittances made annually by Nigerians living abroad.

According to him, the government intends to float a special financial instrument which will be issued for sale to such Nigerians. Also in the scheme is the planned establishment of a mechanism to advise and properly guide those who are willing to invest but who may have lost touch with the prevailing investment trend in the country.

This new drive is apparently based on the popular postulation that Nigerians living abroad repatriate billions of dollars annually. Some analysts have even placed the amount at over $20 billion while suggesting that the bulk of such remittances end up in the hands of family members back home who use them for feeding allowances, funerals, payment of school fees and medical bills, and also for the construction of exquisite country homes on behalf of their overseas benefactors.

But this multi-billion dollar assumption may be flawed if a recent revelation by Fola Kehinde, executive chairman of the African and Caribbean Chamber of Commerce and Enterprise (ACCCE) in the United Kingdom, is anything to take away.

Kehinde was at the head of a trade delegation which visited Port Harcourt, recently. And while speaking during a luncheon jointly organised by his chamber and the Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA), he was reported to have said that Diaspora Nigerians repatriate about $60 million (N9 billion) annually.

It is already obvious that Kehinde’s figure is a far cry from the $2 billion (about N300 billion) which the nation is targeting from its surmised yearly diaspora remittances.

Even as comparatively meager and ludicrous as Kehinde’s figure appears, it will be rather too hasty to dismiss it with a mere wave of the hand until an authentic official figure is made available. Unfortunately, there is hardly any such record anywhere because Nigeria had never reckoned with the economic potentials of her Diaspora citizens until now.

Apart from those who became foreign citizens by birth and, perhaps, students who won government scholarships to attend foreign schools and who chose to stay back on completion of their studies, the Nigerian Diaspora comprises mainly of emigrants whose movements where based on economic considerations. They are mostly people who fled the country during the infamous brain drain of the 1980s when the then military governments slammed an enduring embargo on employment as part of the harsh austerity measures of that era.

In those years, anybody who got disgusted with the system and sought to travel out of the country in search of better opportunities was seen as being lily-livered. Such was readily branded an Andrew and caricatured to no end. State-sponsored newspaper cartoons, radio and television jingles were massively deployed in this exercise. Yet the migrants remained undeterred. The lure of the thriving economies of Europe, Asia and the Americas was too tempting to resist. University teachers and other professionals left in their droves. Lesser folks who couldn’t afford an escape via the normal exits, trekked through the treacherous Sahara Desert.

Like their counterparts from other parts of the developing world, most of these migrant Nigerians have, over the years, laboured honourably to achieve successes in their various countries of domicile; so much so that their once scornful home-nation is now more inclined to show greater interest in their affairs and to also seek ways of involving them in national development.

It is apparently in realisation of this new resource base that the House of Representatives Committee on the Diaspora, working with Nigerians In Diaspora Organisation (NIDO), is sponsoring a bill for the establishment of a commission for Nigerians living abroad.

Spearheaded by the committee’s chairman, Hon. Abike Dabiri-Erewa, the bill seeks to recommend the involvement of such Nigerians in policy formulation and execution with a view to drawing from their reservoir of human, capital and material resources for the overall development of the country.

Countries like Mexico, Chile, Poland, Philippines, China and even our sister West African nation of Sierra Leone each has a long-established Diaspora institution that has been very vibrant in overseeing the welfare of its migrant population. And now that it has become fashionable for nations to facilitate the integration of their Diaspora citizens in the development of the homeland, the above-mentioned countries stand on a better moral ground to engage in such endeavour.

Sierra Leone’s approach is particularly instructive here. According to a source, “Sierra Leone’s Office of the Diaspora is directly under the Office of the President. It encourages the return of professionals and other experts from the Diaspora in order to fill critical human resources gaps within the country’s government. Specifically, the office provides a list of jobs in government departments, a list of educational institutions and professional associations in Sierra Leone, contact details of government officials, and information on dual citizenship and other acts.”

Again, Nigeria’s policy makers should avoid the delusion of thinking that patriotism alone is sufficient to guarantee a steady inflow of Diaspora investments. Of course, let it not be lost on anyone that the Diaspora comprises Nigerians with dual citizenship which invariably translates to double allegiance. Therefore, to assume that these Nigerians will, just for mere love of country, sell off their stakes in some blue chip and gilt-edged securities at the world’s most prestigious stock markets and have the proceeds re-invested in the stocks of a local African bourse, is to believe the absurd.

It will surely take more than guaranteed ministerial slots, security reassurances and sustained executive appeals to convince canny Diaspora investors that it is now safe to plough their hard-earned savings into the funding of development projects back home. Certainly not while they still read about high-level bribery and corruption scandals, wanton waste of public resources, bad roads and general decay of transport infrastructure, bureaucratic bottlenecks, unreliable electricity supply, insecurity of lives and property, multiple taxation, bank failures and frequent changes in government policies.

Like Dabiri- Erewa advocates, Nigeria should as well seek the political integration of her Diaspora citizens by establishing overseas voting centres to enable them participate in the nation’s democratic process. It will be utterly ridiculous to know that these foreign-based Nigerians vote in the general elections of their host countries whereas they hardly have a say in the election of the very politicians who will oversee the management of the proposed Diaspora Funds Pool.

Also, and as has already been done in a few states (including Rivers), the Federal Government should always lend the economy to periodic assessment by one or more of the American and world-renowned independent credit rating firms of Fitch, Standard & Poor’s, Moody’s and Duff & Phelps. That way, Diaspora Nigerians and, indeed, the rest of the investing world will be better positioned to make informed judgments.

Ibelema Jumbo

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Ban On Satchet Alcoholic Drinks: FG To Loss  N2trillion, says FOBTOB

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Ahead the December 31 effective date for enforcement of the ban on alcoholic drinks and beverages in PET or glass bottles below 200ml, the Food, Beverage, and Tobacco Senior Staff Association (FOBTOB) has warned that Nigeria risks losing more than N2 trillion in investments.
The union urged the federal government to reverse the planned ban, cautioning that the Senate’s directive to the National Agency for Food and Drug Administration and Control (NAFDAC) would trigger severe socioeconomic consequences across the industry.
Speaking at a Press Conference, in Lagos, the President of FOBTOB, Jimoh Oyibo, said repealing the directive would prevent massive job losses and protect the country from economic disruption.
“Repealing the order would avert the grave repercussions that would most definitely follow the ban, especially by saving approximately 5.5 million jobs, both direct and indirect,” he said.
Oyibo appealed to the Senate to invite stakeholders to a public hearing, insisting that all parties must be allowed to present their positions before any decision is made.
“For a fair hearing and to demonstrate good faith, the Senate should invite relevant stakeholders to a Public Hearing to ‘hear the other side’ and be adequately informed to make an informed decision,” he said.
The union leader urged the Senate to carefully review and endorse the validated National Alcohol Policy, describing it as a multi-sectoral framework developed after last year’s public hearing, when the initial call for the ban was raised.
He urged the lawmakers to consider the entire value chain in the alcoholic beverage industry, including formal and informal workers and legitimate local manufacturers, before approving any enforcement.
Highlighting the economic implications, Oyibo said close to N2 trillion invested in machinery and raw materials could be wasted, while over 500,000 direct workers and an estimated five million indirect workers, including suppliers, distributors, marketers, and logistics operators, could lose their livelihoods.
He said “Nearly N2 trillion worth of investments in machinery and raw materials could be lost. Indigenous Nigerian manufacturers risk total collapse, discouraging future investments.
“Smuggling and the circulation of unregulated alcoholic products may skyrocket, worsening public health dangers. Government tax revenue could decline sharply as factories shut down or scale back operations.
“With rising unemployment and no safety nets, this ban will plunge families into poverty. The very children the policy claims to protect may be forced out of school if their parents lose their jobs”.
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Estate Developer Harps On Real Estate investment 

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A  Canadian based Nigerian Estate  Developer, Andrew Enofie, has said that diversification of investment into the real  estate sector remains the key to business sustainability.
Enofie said this during the launch of The Golden Gate investments, in Port Harcourt, recently.
He said  real estate sector has always remain stable during period of  inflations, adding that diversification into the sector would ensure that businesses never loose out during such periods.
He also called on Nigerian businessmen to put their money into the Canadian estate industry with the view to reaping maximum benefit.
According to him, Canada  has one of the lowest inflation rate in the world and Nigerian businessmen can reap benefits by putting their monies into the Canadian estate sector.
Enofie said his company, with many years of experience in the real estate sector, can assist Nigerian businessmen with the quest  to acquire property in Canada.
According to him, investors have more opportunities to diversify their funds, saying “it also open doors for investors to invest in the Canadian real estate market.
“With the launch of this fund, we are strategically positioned to navigate current market dynamics,r3 rising demand, shifting rates and evolving economic trends, while focusing on sustainable growth”, he said.
Also speaking, an investor, Mike Ifeanyi, also called on investors to invest in real estate.
He commended the company for its pledged to assist Nigerian businessmen willing to invest in Canada, but added that the whole thing must be transparently done inorder to avoid fraud.
Also speaking, Chukwudi Kelvin, yet another investor, described the event as an eye opener, stressing that time has come for Nigerian investors to go into the Canadian estate sector.
By: John Bibor,/Isaiah Blessing/Umunakwe Ebere/Afini Awajiokikpom
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FG Reaffirms Nigeria-First Policy To Boost Local Industry, Expand Non-oil Exports

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The Federal Government has reaffirmed its continued commitment to driving Nigeria-First policy aimed at encouraging local manufacturers and improving the economy through the non-export sector.
This is as the National Assembly has revealed that a bill for establishing a Weights and Measures Centre is advancing.
Delivering the keynote address at the Opening Ceremony of the 2025 Nigerian International Trade Fair, in  Lagos, Minister of Industry, Trade and Investment, (FMITI), Dr. Jumoke Oduwole, said that government would continue to promote locally made goods.
Oduwole stated that the fair was not only an opportunity to showcase the best of Nigerian products but ensuring that the country continues to accelerate its non-oil exports under the Renewed Hope Agenda.
The minister noted that the government’s reforms are working and demands a lot of support from all stakeholders.
In her words, “Already, our non-oil exports have grown by 14 per cent. Our exports to the rest of Africa was the fastest growing at 24 per cent last year Q1, year-on-year, CBN released the results at the end of Q1.
“Now, this shows us that our goods are in demand across Africa. Earlier this year, the Federal Ministry of Industry, Trade and Investment opened an air cargo corridor in partnership with Uganda Air, and we mapped 13 Southern and Eastern African countries who want Nigerian products. We understood that they want our fashion, they want our light manufacturing, our food, our snacks, plantain chips, chin chin.
“They also want our zobo, our shea butter, beauty products. The things we take for granted here, our slippers, our hair wigs, are things that are in demand across the continent. And so we’re here to support our Nigerian exhibitors and to welcome our friends across Africa and across the world.
“Exhibitors, buyers who are interested in purchasing, we’re interested in growing these businesses. So a business that is a small business this year should be a medium-sized business in the next five years. Each trade fair has its uses, each trade fair has its conveners, and really, to be honest, there cannot be too many.
“This trade fair, traditionally, has been the largest in the country, and we want to bring it back to its former glory. There’s nothing like a competition.
On her part, the Executive Director, Lagos International Trade Fair Complex Management Board, Vera Safiya Ndanusa, said the board would, in the coming months, champion structured and modernised regulatory frameworks for trade fairs and exhibitions.
She stressed that reviving the Tafawa Balewa Complex was part of a broader mission to strengthen confidence in the nation’s trade infrastructure, while stimulating industrial activity and showcasing the enormous potential of the nation’s citizens.
“Most importantly, we remain the only agency in Nigeria expressly mandated by law to organise trade fairs, and we intend to restore that statutory responsibility to the prominence it deserves ensuring coherence, quality, and national alignment in trade events across the country.
“We will be deepening our engagement with NACCIMA, whose partnership has historically anchored the success of organised trade in Nigeria, while also strengthening ties with ECOWAS, continental business groups, and international partners who share our vision for a more integrated African marketplace.
“In the coming months, we will champion a more structured and modernised regulatory framework for trade fairs and exhibitions, one that protects stakeholders, ensures standards, and positions Nigeria as a credible and well organised destination for regional and continental commerce”, she stated.
She noted that as Africa embraces the promise of the African Continental Free Trade Area, a new momentum was building across the continent.
“For Nigeria, AfCFTA is not just an economic framework; it is a pathway to industrialisation, job creation, and intra-African collaboration.
“This complex must play a central role in that journey. We intend to make this fairground a primary entry point for African trade, a marketplace where producers and buyers from across the continent meet, a logistics hub connected to regional value chains, a centre for cross-border SME activity, and a launchpad for Nigerian businesses looking to expand beyond our borders.
“To achieve this, we are intentionally expanding access to markets physically, economically, and digitally. We are working to make participation more affordable for SMEs, women-led enterprises, and young entrepreneurs. We are improving mobility within and around the complex. A truly vibrant trade ecosystem must be inclusive, and inclusivity begins with access,” she stated.
Chairman, House Committee on Commerce, Ahmed Munir, commended Ministry of Industry Trade and Investment, ED LITF and her team, for promoting the platform as a veritable marketplace of ideas, innovation, and partnership.
He said the event was a clear reflection of the economic agenda of the current administration, supported by Speaker Rt. Hon.Abbas Tajudeen.
According to him, “The House of Representatives recognises that the engine of our economy is the private sector, particularly our Micro, Small, and Medium Enterprises (MSMEs), which contribute nearly 50 per cent to our GDP and employ the vast majority of our citizens.
“To create the competitive environment they need, the National Assembly has been working assiduously to pass and amend vital legislation to enhance the Ease of Doing Business by Streamlining regulatory bottlenecks and reinforcing essential infrastructure to make business operations simpler and more predictable.”
He stressed that as policy makers they would continue to promote the “Nigeria First” Policy through robust legislative support, ensuring that government ministries and agencies prioritise locally manufactured goods in all public procurement processes. “This is our clear statement: We must buy Nigerian to build Nigeria.
“Also to ensure quality and standards, the bill for establishing a Weights and Measures Centre is advancing. Quality is not optional; rather, it is the key to consumer trust and international competitiveness,” he said.
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