The Nigerian government is engaging in a significant investment effort to attract money stored in domestic accounts as well as money owned by Nigerians overseas.
On Thursday, August 31, 2023, in Abuja, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, disclosed this during a news conference.
According to Edun, Nigerians have a sizable cache of money in domestic banks and sizable quantities in foreign bank accounts that may be used to boost the country’s economy.
According to the finance minister, Diasporan Nigerians were also a key objective for the new initiative to restructure the economy and set it up for rapid growth via productivity and effective resource management.
According to Edun, domestic accounts and international accounts held by Nigerians are significant sources of foreign exchange in Nigeria.
He asserts that the government will encourage Nigerians to bring their money home to participate in the economy and will create the conditions necessary for Nigerians with resources abroad to return home
He said:
“Nigerians in Nigeria have vast foreign currency holdings in banks and financial institutions abroad. We need to provide the environment that brings those funds home to choose to invest in the Nigerian economy rather than foreign economies, which is what they are doing right now.”
The Coordinating Minister for the economy said they will encourage Nigerians in the diaspora to invest in the country to save it from economic collapse.
“If you place money in a bank abroad, you invest in a foreign economy. Finally, we also have a huge source of funds from the diaspora,” Edun said.