As a law to provide nationality to foreign investors is being pushed through the House of Representatives, Nigeria is poised to become one of the African countries that offer citizenship by investment (CBI).
Recently, Deputy Speaker Benjamin Kalu and other MPs’ proposed Citizenship by Investment Bill passed its second reading. A new type of Nigerian citizenship will be created if the law is adopted, reserved for people who significantly boost the nation’s economy financially.
Experts expect that real estate, government bonds, petroleum, manufacturing, and technology could be among the qualified sectors, even though the government has not yet disclosed the minimum investment needed. Similar CBI initiatives in other African countries, such Egypt and Mauritius, call for $250,000 to $375,000 in designated areas.
This effort is a component of Nigeria’s goal to draw in foreign direct investment and establish itself as a top destination for high-net-worth investors, entrepreneurs, and affluent individuals seeking access to Africa’s largest economy.
The bill’s backers contend that a well designed CBI program might increase economic expansion, provide employment, and attract new funding. Critics caution, meanwhile, that in the absence of stringent rules, the program may be abused or draw people from dubious backgrounds.
After more review and public hearings, the bill now goes to the committee stage. Nigeria would formally be the third African nation to provide citizenship by investment if it clears all legislative obstacles, including Senate approval and support from at least 24 state assemblies.
