Tinubu woos diaspora capital as Nigeria seeks $1trn economy

President Bola Tinubu has urged Nigerians living abroad to move beyond remittances and channel more of their capital, skills and global business networks into Nigeria as the Federal Government seeks to strengthen investment, diversify the economy and achieve its $1 trillion economic ambition.

Tinubu, represented by his Chief of Staff, Femi Gbajabiamila, made the call while declaring open the inaugural Nigeria Diaspora Economic Conference (NIDEC) 2026 in Toronto, Canada, with the theme “Thrive Abroad, Invest in Nigeria.”

The President said ongoing economic reforms were being targeted at improving the business environment, strengthening macroeconomic stability and creating conditions for long-term investment.

He told Nigerians abroad that their contribution to Nigeria should extend beyond sending money home to financing businesses, infrastructure, technology and other productive activities capable of creating jobs and expanding domestic output.

“Nigeria sees you. Nigeria values you. Nigeria needs you,” Tinubu told participants.

He urged members of the Nigerian diaspora to bring back not only financial capital but also technology, expertise, international contacts and experience acquired in developed markets.

“Bring home not only your capital, but also your knowledge, technology, networks and international experience. These contributions will accelerate Nigeria’s development and create opportunities for younger generations,” he said.

Tinubu said recent economic indicators showed signs of recovery, citing 3.89 per cent GDP growth in the first quarter of 2026, manufacturing growth of 3.29 per cent and inflation of 15.91 per cent.

He also cited foreign exchange reserves of $45.4 billion at the end of 2025, while noting that the International Monetary Fund had projected Nigeria’s economy to grow by 4.1 per cent in 2026.

According to the President, the administration’s reforms include a new tax framework aimed at simplifying compliance and reducing the burden on low-income earners and small businesses.

He said the government was also investing in roads, railways, ports, power, digital infrastructure, healthcare, housing and agriculture to expand the productive capacity of the economy.

However, Tinubu challenged diaspora Nigerians to adopt more structured investment models rather than relying primarily on remittances.

“Remittances are invaluable, but they must now become the floor of diaspora engagement, not its ceiling,” he said.

He urged Nigerians abroad to establish professionally managed investment clubs, sector-specific funds, co-investment vehicles and venture networks through which capital could be pooled and deployed into productive investments.

He also advised investors to demand audited accounts, insist on strong corporate governance and conduct proper due diligence before committing funds.

The President assured the diaspora that the government would continue working towards more predictable policies, transparent investment processes and stronger protection against fraud.

“Government owes the diaspora predictable rules, transparent project pipelines, efficient consular services and stronger protection from fraud,” he said.

The call comes as Nigeria seeks to attract more long-term capital to supplement domestic savings and foreign investment, particularly in sectors capable of creating jobs, expanding exports and strengthening the country’s non-oil revenue base.

Chairman of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, said the conference was designed to deepen engagement with Nigerians abroad and harness their expertise for national development.

She urged the diaspora to view Nigeria not only as their home but also as an investment and innovation destination.

For Nigeria, the economic opportunity extends beyond the volume of remittances. Mobilising diaspora capital into professionally managed investments could provide financing for businesses and infrastructure while transferring technology, managerial expertise and international market access into the domestic economy.

The success of the strategy, however, will depend on whether government can provide the predictable regulatory environment, transparency and investment protection required to persuade diaspora investors to move from short-term financial support towards long-term capital commitments.