Tinubu to Diaspora: Remittances not enough, invest in Nigeria

By Folarin Kehinde

ABUJA — President Bola Tinubu has urged Nigerians living abroad to move beyond sending remittances and invest in productive ventures in Nigeria, saying funds sent home for consumption alone cannot drive sustainable economic growth.

Tinubu made the call at the Nigeria Diaspora Economic Conference 2026 in Toronto, Canada, where he was represented by his Chief of Staff, Femi Gbajabiamila.

The conference, themed “Thrive Abroad, Invest Nigeria,” is being held at the Apollo Convention Centre from August 13 to 15.

The President acknowledged the significant role remittances play in supporting Nigerian families, noting that funds sent home had helped beneficiaries pay school fees and medical bills, build houses and sustain small businesses.

He, however, said the country now needed diaspora capital to support production and long-term economic development.

“The nation owes you gratitude. But remittances must become the floor of diaspora engagement, not its ceiling. Remittances sustain consumption. Investment expands production. Expertise builds institutions. Networks open markets. Nigeria now needs all four,” he said.

Tinubu urged Nigerians in the diaspora to prioritise productive investments rather than concentrating mainly on property acquisition.

“Do not merely acquire property in Nigeria; acquire productive stakes in Nigeria,” he said.

He identified agro-processing, healthcare, technology, energy, housing, logistics, mining, education, creative industries and export manufacturing as sectors with opportunities for diaspora investment.

The President also urged Nigerians abroad to leverage Nigeria’s position as a gateway to the wider African market through the African Continental Free Trade Area.

He said diaspora investments should be based on opportunities and potential returns rather than nostalgia, guilt or charity.

“President Tinubu is not asking you to invest out of nostalgia, guilt or charity. He is inviting you to invest based on opportunity, shared strategic interest, and disciplined patriotism,” he said.

Tinubu called for a more organised approach to diaspora investment, urging Nigerians abroad to establish professionally managed investment clubs, sector funds, co-investment vehicles and venture networks.

He also advised prospective investors to insist on sound corporate governance, audited accounts and proper due diligence before committing their funds.

Beyond capital, the President said Nigerians in the diaspora could contribute to national development through their skills, international connections and expertise.

He urged professionals abroad to mentor Nigerian entrepreneurs, establish research partnerships, strengthen healthcare institutions and connect Nigerian businesses to international markets.

“The question should not only be, ‘How much did I send?’ It should also be, ‘What capability did I help Nigeria build?’” he said.

Tinubu said the government had a responsibility to make Nigeria more attractive to diaspora investors through predictable regulations, transparent investment opportunities, stronger property rights, faster dispute resolution and effective protection against fraud.

He cited the Non-Resident Nigerian Ordinary Account, Non-Resident Nigerian Investment Account and non-resident Bank Verification Number as measures introduced to facilitate the participation of Nigerians abroad in the domestic financial system.

He, however, acknowledged that more needed to be done, assuring that the administration would continue working to deepen diaspora participation in the Nigerian economy.

The President also said the administration would expand the scope of Nigeria First and Local Content policies to include Nigerians in the diaspora investing in the country.

Tinubu urged participants at the conference to judge its success by the investments and partnerships that emerge from it rather than speeches and resolutions.

“Let this conference not be measured only by speeches, applause or a final communique. Let it be measured by commitments: one enterprise funded; one institution strengthened; one young Nigerian mentored; one export route opened; one research partnership established; one community transformed,” he said.

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