Nation building: Foreign Affairs ministry tasks Nigerians in Diaspora on economic growth

The Federal Ministry of Foreign Affairs and Directorate of Technical Cooperation in Africa (DTCA) have harped on the need to promote Diaspora Bond among Nigerians in Diaspora so that they can contribute in nation building.

Speaking Thursday in Abuja during a one-day symposium themed “The Nigerian Diaspora Bond, a tool for National Development- the journey so far”, the Minister of State for Foreign Affairs Amb. Zubairu Dada, who was represented by Amb. Usman Dakuri, said that the Diaspora bond is truly a tool for achieving physical economic growth and development in the country.

He said: “The Nigerian authorities have developed an effective and efficient funding mechanism to compliment the other sources of funds through Diaspora Bond as an alternative framework of sourcing additional financial support; in order to fill the financial gaps created as a result of high demand and competition by many governments and of further attracting Foreign Direct Investment (FDI).

“Therefore, Nigerians in Diaspora should take advantage of this investment opportunity which will catalyze the development of the country. Diasporas play a critical role in supporting sustainable development by transferring resources, knowledge, and ideas back home, and in integrating their countries of origin into the global economy.

“Nigerians in the Diaspora have a significant role to play in the development of Nigeria, now and for years to come. We believe that Nigerians in Diaspora constitute an important constituency that contribute their wealth of experience, exposure, vast human network, among others to the socio-economic development of the country.”

In his remarks, the Director General of DTCA, Amb. Rabiu Dagari, said that Nigerians in Diaspora is a positive investment force required for national development through the Nigerian Diaspora Bond.

According to him, The Bond which realized its goal of U.S$300 million opened a new source of financing for the Federal Government of Nigeria for funding projects for the development of the country.

He said: “We aim at promoting a more robust engagement of Diaspora in relation to the operationalisation of the Nigerian Diaspora Bond. We will examine and improve the mechanism for sustainability of the Bond in the short, medium and long term to achieve the stated goal of Leveraging Bond for Sustainable National Development.

“We also appeal to the FG to promote transparent and effective utilization of the Bond to assure Diaspora investors of the sincerity of their contribution to countries development.”

Dagari also encouraged other African countries to take a cue from Nigeria’s experience in looking at their Diaspora, who would overlook the financial stability of the country while helping their home country’s economy growth, by floating a Diaspora Bond.

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