continually support the Central Bank of Nigeria’s (CBN) efforts to
engender sustainable economic development by significantly improving
diaspora remittances and foreign exchange (FX) inflows into the country.
Fidelity Bank CEO, Mrs. Nneka Onyeali-Ikpe who made this known on
Saturday at the inaugural edition of the Fidelity Diaspora Webinar
Series in Lagos stated that the bank would leverage its robust digital
infrastructure, bespoke product offerings and extensive partnership with
International Money Transfer Operators (IMTOs) to strengthen remittances
inflows.
While applauding the regulator of the financial services industry for
its well-timed interventions in the FX market, Mrs. Onyeali-Ikpe stated
the virtual event was part of concerted efforts to deepen engagement
with Nigerian citizens’ resident abroad, providing them greater clarity
on recent policy measures by the CBN and its attendant implications for
diaspora investments.
“We are here today to discuss modalities of Diaspora Remittance as well
as awareness of investment opportunities in Nigeria. We believe when
people are armed with adequate knowledge, they will be able to make
informed decisions”, she explained.
Shedding light on the investment opportunities available in the country
such as fixed income securities, private equity prospects in companies,
modernized agriculture, urban and infrastructure renewal projects,
amongst others, she pointed out that many Nigerians in the Diaspora are
taking advantage of the bank’s Diaspora Mortgage product to acquire
homes in Nigeria.
“As an innovative bank, our digital link on several IMTO sites ensures
that Nigerians in diaspora can open both Naira and domiciliary accounts
in 10 minutes and remit funds to Nigeria. Our Private Banking team can
handhold interested persons for mortgage to avoid scams,” she explained.
Themed ‘The New CBN FX Policy and Positive Impact to Diaspora
Investments in Nigeria’, the session had in attendance notable
professionals including Nigeria’s Vice President, Prof. Yemi Osinbajo;
Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, who delivered
a keynote address; and the Chairman/CEO, Nigerians in Diaspora
Commission (NIDCOM), Honorable Abike Dabiri-Erewa.
Other eminent personalities include the Chairman/President of African
Export-Import Bank, Prof. Benedict Okey Oramah; Lead Faculty, Tekedia
Institute, Prof. Ndubuisi Ekekwe; renowned Neurosurgeon and Chairman of
RNZ Global, Prof. Olawale Sulaiman; founder, and chairman of BEN
Television, Alistair Soyode, among others. Ekweke, Sulaiman and Soyode
all participated in the panel session where they shared their wealth of
knowledge and experience with attendees.
On his part, Vice President Osinbajo commended the bank for the webinar
session and reaffirmed his confidence in new CBN FX policy. According to
him, the policy would aid more investment from Nigerians living abroad.
The Vice President, who was represented by Executive Secretary/Chief
Executive Officer, Nigerian Investment Promotion Commission (NIPC), Ms.
Yewande Sadiku, said, “Nigerians in diaspora represent an indomitable
force, they are flag bearers of Nigeria’s image, Nigeria entrepreneurial
energy and Nigeria’s incredible can-do attitude.
“For several years, the remittances from Nigerians in diaspora exceeded
Nigeria’s oil revenues, which translated sometimes as high as six per
cent of GDP. We are interested in understanding exactly how to translate
this potential to investments,” he added.
In his keynote address, Mr. Emefiele extended his appreciation to the
bank for providing a platform to discuss broad issues affecting the
CBN’s new FX policy. Emefiele highlighted the benefits of the newly
introduced “CBN Naira 4 Dollar Scheme,” an initiative aimed at
incentivising senders and recipients of international money transfers.
The CBN governor explained that the new policy was expected to attract
diaspora remittances through the official foreign exchange channels as
well as support forex stability in Nigeria. Speaking at the webinar,
Oramah commended the CBN governor for the reforms taking place regarding
diaspora remittances. He suggested ways to boost diaspora participation
in the Nigerian economy through specialised funds and accounts that
would encourage them to save their long-term funds in Nigeria.
Lauding Fidelity Bank for the webinar series, Oramah said, “Africans and
Nigerians can consider allowing special diaspora foreign currency
accounts with higher interest rates than the US or Europe and with an
inbuilt guarantee against potential losses from bank failures and
country risks.”