House of Reps Cites Attraction of FDI and Boosting Economic Growth as the Rationale for Pushing the Bill for Citizenship to Foreign Investors

The House of Representatives has taken a significant step toward attracting foreign direct investment (FDI) by advancing a bill that seeks to introduce citizenship by investment into the Nigerian Constitution. The proposed legislation, known as the Citizenship by Investment Bill, has successfully passed its second reading. Sponsored by Deputy Speaker Benjamin Kalu and other lawmakers, the bill aims to grant Nigerian citizenship to foreign investors who meet a specified financial threshold or invest in strategic sectors vital to national development.

The primary objective of the bill is to enhance Nigeria’s economic growth by creating an avenue for foreign investors to contribute to the nation's development while enjoying the benefits of citizenship. By providing a clear legal framework for economic participation, the proposed law is expected to make Nigeria a more attractive destination for global investors. This move aligns with global practices where several countries leverage citizenship or residency programs to draw in high-net-worth individuals willing to make substantial financial commitments.

House Leader Prof. Julius Ihonvbere, who presented the bill, underscored the importance of leveraging foreign investment as a catalyst for economic progress. He emphasized that the legislation is designed to ensure that investment-driven citizenship will be granted to individuals whose financial contributions significantly impact sectors such as technology, infrastructure, manufacturing, and agriculture. These sectors are recognized as crucial to national development and job creation.

With Nigeria facing economic challenges, including fluctuating oil revenues and the need for industrial expansion, lawmakers believe that this initiative will provide a fresh inflow of capital and expertise necessary to stimulate economic activities. By attracting investors who bring both financial resources and business acumen, the government aims to foster an environment conducive to sustainable development, wealth creation, and employment opportunities.

The proposed bill aligns with global trends where nations, including the United States, Canada, and several European and Caribbean countries, have adopted similar policies to attract investors through structured citizenship or residency programs. Nigeria’s move in this direction reflects an understanding of the competitive nature of the global investment climate and the necessity to position itself as an appealing option for credible international investors.

While the bill has received support from lawmakers, its implementation and long-term impact on national security and socio-political stability remain subjects of debate. As deliberations continue, stakeholders will be looking at safeguards to ensure that the initiative does not lead to unintended consequences, such as exploitation or security risks. Nevertheless, the proposal represents a bold step toward redefining Nigeria’s approach to foreign investment and economic revitalization.