The Nigerian Diaspora Direct Investment Summit (NDDIS) has secured philanthropic commitments totaling $500 million to support small and medium-sized enterprises (SMEs) and state-led development projects across the country. The announcement underscores the growing influence of the Nigerian diaspora in shaping national economic recovery and investment mobilisation.
According to the summit leadership, the proposed grants—ranging from $1 million to $500 million—are designed to boost entrepreneurship, innovation, and subnational development initiatives. However, concerns were raised that many state governments have been slow to take advantage of the platform.
“We have worked hard to convince states to present viable projects for funding. Bauchi and Katsina have made progress, but more states need to act quickly,” a key organiser noted.
He highlighted that diaspora remittances reached $20.9 billion in 2023, almost four times Nigeria’s total foreign direct investment during the same period, yet diaspora engagement remains one of the country’s most underutilised development channels.
The summit also expressed concern over the prolonged absence of Nigerian ambassadors in key international markets, warning that such diplomatic gaps weaken investor confidence and limit economic partnerships.
“The diaspora is the engine of growth. When fully engaged, we can drive investment, innovation, and development across the country,” he said.
Organisers revealed plans to mobilise at least $200 million into Nigeria before the end of the year, signalling a renewed push to channel diaspora resources into productive ventures, particularly for SMEs seeking scalable financing and international linkages.
