Zenith Bank canvasses diaspora collaboration for economic sustainability


The Group Managing Director/Chief Executive Officer of Zenith Bank, Ebenezer Onyeagwu, has called for increased collaboration of Nigerians in the Diaspora for the nation to achieve its economic growth targets.

The News Agency of Nigeria (NAN), reports that Onyeagwu made the call at the hybrid 4th Edition of the Nigeria Diaspora Investment Summit 2021, organised by the Nigerians in Diaspora Commission (NiDCOM), on Tuesday.

Delivering his remark on the theme, “Partnership and Linkages for Post COVID Economic Growth,” Onyeagwu described the theme as apt, and underscored Nigeria’s need for robust economic growth.

This is particularly so following the unprecedented impact of the COVID-19 pandemic, which triggered a severe macroeconomic shock.

Impact policies

He 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.”

He said the policy contributed to boosting diaspora remittances by providing incentives for recipients of international money transfers, which encouraged senders and recipients to channel their inflows through the official market, knowing that they will not be short-changed.

Onyeagwu also highlighted Nigeria’s enormous investment potential, especially its huge market and youthful population, and stressed the need for partnership and collaboration among those in diaspora to achieve set economic targets, particularly during these challenging times.

According to him, across the globe, the diaspora community plays a critical role in their home country’s economic growth and development.

“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 another area where diaspora investment and intervention is urgently required.

“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 said.

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.

Rally round home

Onyeagwu 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 through the Nigerians in Diaspora Commission.

He equally commended the efforts of the Abike Dabiri-Erewa-led, NiDCOM, and Emeka Offor, Acting Executive Secretary/Chief Executive Officer, Nigeria Investment Promotion Commission (NIPC), in supporting the engagement of Nigerians in diaspora in the country’s policies, projects, and development programmes.

As a socially responsible organisation, Onyeagwu assured that Zenith Bank will continue 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).

“It remains committed to creating value for Nigerians in the diaspora through its unique products, services and quality service, including mortgage,” he said.

He urged Nigerians in the diaspora to open accounts with Zenith Bank through various online and digital channels to have local bank accounts.

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