Nigeria Set To Join Egypt, Mauritius, Offers Citizenship By Investment Programme
- Nigeria may become the third nation in Africa to begin implementing a citizenship by investment (CBI) program.
- Foreign investors will be able to get Nigerian nationality in exchange for significant financial investment under the scheme
- This move grants nationality to people who make substantial contributions to the country's economy
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Nigeria is moving to launch a citizenship by investment (CBI) program, making it the third country in Africa to do so.
Through the citizenship by investment program, foreign investors will be able to acquire Nigerian nationality in return for substantial economic contributions.
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This is in line with international trends where nations use CBI programs to draw in foreign investment, accelerate economic growth, and attract foreign capital.
The only African countries that currently offer formal citizenship through investment schemes are Egypt and Mauritius; Nigeria's entry into this market could put it in a position to draw in high-net-worth individuals, entrepreneurs, and affluent investors looking to gain access to Africa's largest economy.
The CIB program
Mauritius and Egypt have different Citizenship by Investment (CBI) schemes.
A non-refundable payment of $250,000 must be made to Egypt or invested in authorized business or real estate.
For a 20-year residency permit, Mauritius offers a Permanent Residency by Investment pathway that requires a $375,000 real estate investment. Citizenship eligibility is granted after seven years.
Business Insider reported that both models could be used in Nigeria's future CBI program, depending on its political and economic interests.
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CIB for foreign investors
By passing its second reading, the Citizenship by Investment Bill—sponsored by Deputy Speaker Benjamin Kalu and other lawmakers—aims to establish a new class of citizenship known as citizenship by investment, marking a significant step forward for Nigeria's House of Representatives in granting citizenship to foreign investors who meet certain financial thresholds.
By granting nationality to those who contribute significantly to the nation's economy, this move aims to draw in large amounts of foreign direct investment.
According to experts, Nigeria's program may involve investments in real estate, government bonds, or important industries like manufacturing, technology, and petroleum, though specifics like the minimum investment threshold, qualifying sectors, and application requirements have not yet been made public.
The proposed alteration aims to attract foreign direct investment by granting Nigerian citizenship to individuals who invest in the Nigerian economy above a specified financial threshold or in strategic sectors critical to national development.
The possible successful implementation of Nigeria's citizenship by investment program has the potential to transform the country's economic environment, enhancing its appeal to international investors and solidifying its status as a significant African economic center.
Ify Victoria said,
"The implementation of this could help to increase investment into the country and improve the GDP of the economy."
Nigeria occupies 4th position on list of countries US granted citizenship
Legit.ng reported that no fewer than 3,270 Nigerian-born service members were granted United States of America citizenship between 2020 and 2024.
The figure made Nigeria the fourth among countries whose citizens were granted U.S. citizenship through military naturalization.
This is according to data obtained from the U.S. Citizenship and Immigration Services on Monday, December 9.
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