The Nigerian government is engaging in a significant investment effort to attract money stored in domestic accounts as well as money owned by Nigerians overseas.
On Thursday, August 31, 2023, in Abuja, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, disclosed this during a news conference.
According to Edun, Nigerians have a sizable cache of money in domestic banks and sizable quantities in foreign bank accounts that may be used to boost the country’s economy.
According to the finance minister, Diasporan Nigerians were also a key objective for the new initiative to restructure the economy and set it up for rapid growth via productivity and effective resource management.
Vanguard reports that Edun said there is a substantial source of Forex in Nigeria via domiciliary accounts and foreign accounts owned by Nigerians.
According to him, the government will incentivise Nigerians to repatriate their money home to invest in the economy and provide the required environment for Nigerians with resources abroad.
Edun spoke as the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari said petrol consumption has dropped in Nigeria.
“Nigerians in Nigeria have vast foreign currency holdings in banks and financial institutions abroad. We need to provide the environment that brings those funds home to choose to invest in the Nigerian economy rather than foreign economies, which is what they are doing right now.”
The Coordinating Minister for the economy said they will encourage Nigerians in the diaspora to invest in the country to save it from economic collapse.
“If you place money in a bank abroad, you invest in a foreign economy. Finally, we also have a huge source of funds from the diaspora,” Edun said.