Nigeria is considering a major change to its nationality laws by introducing a Citizenship by Investment (CBI) program.
If approved, this program would allow foreign investors to obtain Nigerian citizenship by making significant financial contributions to key sectors like manufacturing, infrastructure, and technology.
This move would make Nigeria the third African country to offer such an initiative, following Egypt and Mauritius.
The proposed bill, sponsored by Deputy Speaker Benjamin Kalu and six other lawmakers, aims to attract foreign investment and boost economic growth.
Currently, Nigerian citizenship can only be acquired through birth, registration, or naturalization. This bill would introduce a fourth option, citizenship through investment.
Many countries worldwide already have similar programs.
The U.S. offers green cards through the EB-5 Immigrant Investor Program, where individuals invest at least $800,000 in job-creating businesses.
Portugal’s Golden Visa program has drawn billions in foreign investments by offering residency and eventual citizenship to those who buy property or create jobs.
However, these programs also face scrutiny due to concerns about security risks and money laundering.
While the CBI program could attract foreign investors, experts argue that Nigeria must offer more than just a passport.
Samson Simon, Chief Economist at ARKK Economics & Data Limited, questions whether Nigeria currently has enough incentives to make its citizenship program appealing.
He points out that successful CBI programs exist in countries with strong economies and high living standards—places where people genuinely want to live and do business.
“If you look at America, people are willing to go there even at great risk because of the better standard of living,” Simon explained.
“What exactly is Nigeria offering beyond the passport? If we want investors to see value in becoming Nigerian citizens, we need policies that make it worthwhile.”
For Nigeria’s CBI program to succeed, the government would need to create benefits that give Nigerian citizens an advantage over foreign nationals.
This could include tax breaks, business incentives, or exclusive economic opportunities for citizens.
Aside from economic viability, there are concerns about potential misuse of the program.
Similar schemes in other countries have been exploited by criminals, including drug traffickers and money launderers, who use citizenship to cover up illegal activities.
“Not all investors are good people,” Simon warned. “Bad actors will try to take advantage of such opportunities. The government must ensure that only credible investors qualify for citizenship.”
The European Commission has criticized some CBI programs for enabling financial crimes.
Countries like St. Kitts and Nevis have faced backlash for selling passports without ensuring that investors contribute meaningfully to their economies.
If Nigeria doesn’t put strong safeguards in place, it risks becoming a similar hotspot for financial misconduct.
The success of this bill depends on how well it is implemented.
If Nigeria sets up strict vetting processes, transparency measures, and clear economic benefits, the CBI program could attract serious investors and drive economic growth.
However, without careful oversight, it could become a tool for exploitation, benefiting only a few while exposing the country to financial and security risks.
As Nigeria moves forward with this proposal, it must strike a balance between attracting investment and safeguarding national interests.
If done right, the Citizenship by Investment program could open new economic doors, but if mismanaged, it could create more problems than solutions.
