FG urged to drive investment through diaspora remittance

Chief Executive Officer, Silicon Valley Nigeria Economic Development Inc. (SVNED Inc.), Chief Temitope Ajayi

To drive foreign direct investment into the country, the Federal Government has been advised to woo Nigerians living abroad to invest in real estate and other business ventures to grow the economy.

Chief Executive Officer, Silicon Valley Nigeria Economic Development Inc. (SVNED Inc.), Chief Temitope Ajayi disclosed this during a tour of Eko Atlantic City, Victoria Island, Lagos.

Ajayi urged the Federal Government to work with Nigerians abroad saying diaspora remittance to the country is in billions of dollars every year.

She said: “Government has been going around from one country to another, seeking investors while failing to redirect Nigerians in diaspora back to the country. Diaspora returns are in billions of dollar. The country must tap into this available source of funding to drive the economy.

“Those enjoying the diaspora are the Western Union and others offering such services. They are the ones utilising these vast resources. But bringing the money into housing, which is in high demand, can create job opportunities for our teeming youths.”

According to her, millions of Nigerians living in diaspora yearn to return and have a place they can call home.

“Nigerians in diaspora want their own version of American dream in Nigeria. They want to have their own place so that their children have a sense of belonging,” she said.

She stressed the need for Nigerians abroad to come and help develop the country while also investing in real estate. “Everyone coming into this country should have the opportunity to have his own place. That is how we live in America. Nobody has money to buy a house, we pay through mortgage and the diaspora are ready to pay,” she added.

Ajayi praised the great efforts the management of Eko Atlantic has put into the project saying the city will resonate with those living in the diaspora.

Vice Chairman, Eko Atlantic, Ronald Chagoury Jr, who was involved in the development of Banana Island, stressed the importance of keying to investment opportunities early.

He said when land was available for sale on Banana Island, many didn’t recognize the golden prospect and missed out on buying it.

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