Nigeria is taking steps to introduce a Citizenship by Investment (CBI) program, positioning itself as the third African country—after Egypt and Mauritius—to offer nationality to foreign investors in exchange for significant economic contributions.
This initiative aligns with global trends, where CBI programs are used to attract foreign capital, stimulate economic growth, and increase foreign direct investment (FDI).
By offering this opportunity, Nigeria aims to appeal to high-net-worth individuals, entrepreneurs, and investors seeking access to Africa’s largest economy.
How Nigeria’s CBI Program Could Work
Egypt and Mauritius already operate distinct CBI models. Egypt requires a $250,000 non-refundable contribution or an investment in approved real estate or businesses.
Mauritius, on the other hand, offers permanent residency for a $375,000 real estate investment, with a path to citizenship after seven years.
Nigeria’s program is still in development, but it could follow a similar approach, depending on economic priorities and government policy.
Potential qualifying investments may include real estate, government bonds, or key sectors such as petroleum, manufacturing, and technology.
A Strategy to Attract Foreign Investors
Nigeria’s House of Representatives recently advanced the Citizenship by Investment Bill, sponsored by Deputy Speaker Benjamin Kalu and other lawmakers.
The bill, which has passed its second reading, seeks to establish a new category of nationality—citizenship by investment—designed to bring in substantial foreign capital.
While specific details regarding the minimum investment threshold and eligibility criteria are yet to be disclosed, experts believe the initiative could be a game-changer, enhancing Nigeria’s appeal to global investors while boosting economic development.
