ONYEAGWU CANVASSES COLLABORATION WITH NIGERIANS IN THE DIASPORA FOR SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT

The Group Managing Director/Chief Executive of Zenith Bank, Ebenezer Onyeagwu, has called

for increased collaboration of Nigerians in the diaspora for the nation to achieve its economic

growth targets. He made the call during the 4th Edition of the Nigeria Diaspora Investment

Summit 2021 organised by the Nigerians in Diaspora Commission (NiDCOM) on Tuesday,

November 16, 2021.

The hybrid event which held at the State House Banquet Hall, Aso Villa

Abuja & Virtually had in attendance the Secretary to the Government of the Federation,

Ministers of the Federal Republic of Nigeria and State Governors.

Delivering his remarks on this year’s theme: “Partnership and Linkages for Post Covid

Economic Growth”, Onyeagwu noted the aptness of the theme of the summit, as it underscores

Nigeria’s need for robust growth following the unprecedented impact of the COVID-19

pandemic, which triggered a severe macroeconomic shock.

Onyeagwu commended the Federal Government and the Central Bank of Nigeria (CBN) for

leading with policies that create an enabling environment for investment in Nigeria, such as the

“Naira 4 Dollar Scheme”, which contributed to boosting diaspora remittances by providing

incentives for recipients of international money transfers. In his view, this and other policies

encourage the senders and recipients to channel inflows through the official market, knowing

that they will not be shortchanged.

Onyeagwu also passionately highlighted Nigeria’s enormous investment potential, especially

the nation’s huge market and youthful population, which is a veritable source of labour and a

consuming population.

Highlighting the need for partnership and collaboration of Nigerians in the diaspora to achieve

Nigeria’s economic growth targets, particularly during these challenging times, Onyeagwu

pointed out that across the globe, the diaspora community plays a critical role in their home

country’s economic growth and development. He noted that Nigeria has enormous potential to
attract significant diaspora inflow, most of which is coming in through informal channels.

These remittance inflows and investments, which are counter-cyclical, help in ameliorating foreign

exchange challenges as the funds form a significant buffer for the country’s foreign reserves.

Onyeagwu identified the healthcare sector as one area where diaspora investment and

intervention are urgently required. In his words, “by leveraging the expertise of our diaspora

healthcare professionals in some of the emerging world-class health facilities in Nigeria, such

as Evercare Hospital, Ibom Specialist Hospital and Base University Hospital, we can begin to

curb the loss of foreign exchange to medical tourism”. He, therefore, called on the various

associations and groups of Nigerians in the diaspora to pull resources together and identify

viable investment opportunities in the homeland.

Whilst commending the untiring efforts of NIDCOM led by Honourable Abike Dabiri-Erewa in

supporting the engagement of Nigerians in diaspora in the country’s policies, projects, and

development programmes, Onyeagwu canvassed that the narrative should shift from diaspora

remittance to Diaspora Direct Investment as advocated by Honourable Abike Dabiri-Erewa and

Mr. Emeka Offor, Acting Executive Secretary/CEO, Nigeria Investment Promotion Commission

(NIPC).

Onyeagwu noted that as a socially responsible organization, Zenith Bank continues to play its

part in promoting investment in Nigeria. In the light of this, the bank is proud of its partnership

with the Nigerians in Diaspora Commission (NiDCOM) and the Nigeria Diaspora Investment

Summit (NDIS) and remains committed to creating value for Nigerians in the diaspora through

its unique products, services and quality service, including mortgage. He noted that Nigerians

in the diaspora could open bank accounts with Zenith Bank through various online and digital

channels and do not need to visit Nigeria to have bank accounts back home.

Zenith Bank is Nigeria’s largest and one of Africa’s largest financial institutions by tier-1 capital,

with shareholders’ funds in excess of NGN1.1 trillion ($2.64 billion) as at December 31, 2020.

The bank is a clear leader in the Nigerian financial space, with several firsts in the deployment
of innovative products and solutions that ensure convenience, speed and safety of transactions.

ONYEAGWU CANVASSES COLLABORATION WITH NIGERIANS IN THE DIASPORA FOR SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT

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