Bank of Industry signs MOU with SSA Foreign Affairs


The Bank of Industry (BoI) and Office of Senior Special Assistant on Foreign Affairs and  Diaspora signed a memorandum of understanding on business development initiative.

This agreement signed in Abuja is to help Nigerians abroad invest back home.

The acting Managing Director BoI, Mr Waheed Olagunju, said the partnership was to provide a structured platform for mobilizing the resources of Nigerians in diaspora towards national development.

He said that there were millions of highly talented Nigerians in diaspora who had acquired qualifications and skills that wanted to invest in Nigeria.

Some of these Nigerians have acquired skills and become experts in their various callings and professions. Many of them are also wealthy; they have substantial financial resources and they are sentimental about Nigeria and want to make their contribution towards national development. No matter what they are out there, their father land is still a point of reference. If all is well at home, it enhances their dignity verse visa,” Olagunju said.

He said that in the past, a lot of things had gone wrong in terms of initiative, adding that was why the country had not achieved the desired results in this regard.

It is part of our mandate to mobilise resources from within and outside the country for national development. So what we need to do is to ensure that these resources are properly harmonized for national development”.

Olagunju further said available data showed that an average of 20 to 35 billion dollars came annually to Nigeria from Nigerians in diaspora.

Mrs Abike Dabiri-Erewa, Senior Special Assistant on Foreign Affairs and Diaspora, said that the initiative would change perceptions of Nigerians in diaspora wanting to invest in the country.

For the first time, we want to have a structured coordinated approach to Nigerians in diaspora who want to be part of investment in their country. We are talking about huge talented, experienced and successful Nigerians in diaspora who want to invest back home. So we are providing a platform to enable them to invest. We look forward to a move that will impact positively on Nigerians, Nigeria in diaspora and the nation,” Dabiri-Erewa said.

 She commended BoI for putting in many efforts in leading the way in such an initiative.