The recently concluded Fidelity Diaspora Webinar Series on Saturday, March 6th, 2021 brought to the fore many valuable financial lessons that bettered the perspectives of over 4,000 participants who attended the virtual event.
Attendees many of whom are Nigerian citizens resident abroad and drawn from all walks of life were provided greater clarity on the recent Central Bank of Nigeria (CBN) Foreign Exchange (FX) policy and its attendant implications for diaspora investment.
Rightly Themed ‘The New CBN FX Policy and Positive Impact to Diaspora Investments in Nigeria’, the session had in attendance notable professionals including Nigeria’s Vice President, Prof. Yemi Osinbajo; Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, who delivered a keynote address; and the Chairman/CEO, Nigerians in Diaspora Commission (NIDCOM), Honorable Abike Dabiri-Erewa.
Other eminent personalities include the Chairman/President of African Export-Import Bank, Prof. Benedict Okey Oramah; Lead Faculty, Tekedia Institute, Prof. Ndubuisi Ekekwe; renowned Neurosurgeon and Chairman of RNZ Global, Prof. Olawale Sulaiman; founder, and chairman of BEN Television, Alistair Soyode, among others.
Here are the key takeaways from the session
Naira 4 Dollar Scheme
Emefiele highlighted the benefits of the recently introduced “CBN Naira 4 Dollar Scheme” which seeks to incentivize senders and recipients of international money transfers.
In line with the scheme, all recipients of diaspora remittances through CBN’s licensed International Money Transfer Operators (IMTOs) shall henceforth be paid N5 for every $1 received as remittance inflow.
Remittances Are The New Oil
Vice President Osinbajo affirmed the growing importance of diaspora remittances to the development of Nigeria’s economy.
The Vice President, who was represented by Executive Secretary/Chief Executive Officer, Nigerian Investment Promotion Commission (NIPC), Yewande Sadiku, said that remittances from Nigerians in the diaspora for several years exceeded Nigeria’s oil revenues.
Oramah suggested ways to boost diaspora participation in the Nigerian economy through specialized funds and accounts that would encourage them to save their long-term funds in Nigeria.
“Africans and Nigerians can consider allowing special diaspora foreign currency accounts with higher interest rates than the US or Europe and with an inbuilt guarantee against potential losses from bank failures and country risks”, he added.
Onyeali-Ikpe shed light on the investment opportunities available in the country such as fixed income securities, private equity prospects in companies, modernized agriculture, urban and infrastructure renewal projects, amongst others.
She pointed out that many Nigerians in the Diaspora are taking advantage of the bank’s Diaspora Mortgage product to acquire homes in Nigeria.
To watch a recap of the webinar, please click here