Nigeria is targeting a monthly remittance inflow of $1 billion and is considering diaspora bonds to the United States in 2025.
This was disclosed by Central Bank of Nigeria (CBN) Governor Olayemi Cardoso in an interview with Reuters on the sidelines of the International Monetary Fund (IMF) and World Bank meeting in Washington DC on Thursday.
Cardoso said that reforms implemented by the current administration have increased appetite for investment in Nigeria, noting that Nigerians in the diaspora are now more willing than ever to invest in Nigeria. He said Nigerians in the diaspora have doubled their remittances to the country since 2023.
“They really want to invest in Nigeria, not just financially. Our currency is now very competitive and cheap, so they want to invest in their homegrown assets and domestic businesses. “I think there is an opportunity to take a position in the company,” he said.
He revealed that the inflow of overseas remittances has increased from the initial $250 million per month to $600 million by September 2024, and that the government is targeting an inflow of $1 billion per month. said.
“Now that our currency has become relatively more competitive, countries that have relied heavily on imports should have an opportunity to step up their production efforts, something we have not been able to do much of over the years,” he said. said.