FG, NiDCOM, and Banks Launch Drive to Channel $20bn Diaspora Remittances into Economic Growth

The Federal Government, through the Nigerians in Diaspora Commission (NiDCOM), in collaboration with leading banks and private investors, has unveiled a new initiative aimed at leveraging over $20 billion in annual diaspora remittances to boost Nigeria’s economic development.

According to a statement released on Monday, NiDCOM is set to host the 8th Nigerian Diaspora Investment Summit (NDIS) in partnership with the Nigerian Diaspora Summit Initiative (NDSI) as part of ongoing efforts to transform diaspora inflows into productive investments that can drive national growth.

The summit, themed “Fast Tracking Regional & National Development by Mobilising Diaspora Investment,” will take place from November 11 to 13, 2025, at the State House, Abuja. It aims to convert the wealth, skills, and innovation of Nigerians abroad into ventures that accelerate economic transformation at home.

The hybrid event will feature keynote sessions, investment pitches, exhibitions, and networking opportunities, bringing together diaspora investors, business leaders, and policymakers to explore investment-ready projects across key sectors such as energy, real estate, finance, and technology.

President Bola Tinubu is expected to attend as the Special Guest of Honour, while Dr. Abike Dabiri-Erewa, Chairman/CEO of NiDCOM, will serve as Chief Host. Dabiri-Erewa described NDIS as “a catalyst for building transformative partnerships between Nigeria and its global citizens,” noting that the summit has continued to connect the diaspora community with sustainable investment opportunities that create jobs and foster innovation.

To highlight the summit’s economic significance, the keynote address will be delivered by Professor Bartholomew Nnaji, former Minister of Power and Chairman of Geometric Power Limited, while Mr. Temi Popoola, Group Managing Director/CEO of the Nigerian Exchange Group, will speak on innovative investment models for emerging markets.

The event is being hosted in partnership with Zenith Bank Plc, supported by First Bank of Nigeria Limited, AG Mortgage Bank Plc, and Rainbow Heritage Group.

Zenith Bank’s GMD/CEO, Dr. Adaora Umeoji, reaffirmed the bank’s commitment to diaspora-led growth, saying, “Our sponsorship of NDIS 2025 underscores our unwavering belief in the diaspora as key partners in national development.”

Similarly, FirstBank’s CEO, Mr. Olusegun Alebiosu, emphasized the bank’s dedication to providing secure and innovative investment channels for Nigerians abroad through partnerships with 17 international money transfer operators and its remittance platform, First Global Transfer.

Rainbow Heritage Group highlighted that its collaboration with NDIS aligns with its mission to build sustainable communities for Nigerians locally and abroad, citing its flagship project, The New Port City, as a “smart, future-ready city designed to be a true centre of excellence.”

AG Mortgage Bank Plc CEO, Mr. Ngozi Anyogu, noted that with over 17 million Nigerians abroad remitting more than $20 billion annually, the challenge lies in transforming these remittances into tangible economic growth through structured local investments.

Summit Coordinator, Badewa Adejugbe-Williams, revealed that the 2024 edition of NDIS attracted ₦673 million in diaspora investment commitments, channeling ₦500 million into local businesses and service providers.

One of the beneficiaries, Joshua Samuel, Creative Director of Abuja-based Artestify Multimedia, praised the summit’s impact, noting that participation in NDIS helped his company expand its network, attract investors, and achieve significant business growth.