Shettima woos diaspora capital, says Nigeria’s $55bn reserves signal investment turnaround

Shettima woos diaspora capital, says Nigeria’s $55bn reserves signal investment turnaround

Vice President Kashim Shettima has appealed to Nigerians in the United States to deploy their expertise, networks and capital towards Nigeria’s economic transformation, declaring that the country has moved beyond its economic difficulties and is now positioned for sustained growth.

Shettima made the call on Wednesday at the Nigeria House in New York while addressing an interactive session with Nigerians in the diaspora, in an engagement organised and coordinated by the Chairman/Chief Executive Officer of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa.

The Vice President’s appeal came against the backdrop of what he described as improvements in Nigeria’s economic indicators, including the rebuilding of the country’s foreign exchange reserves and increased investor confidence.

He told the gathering that the Federal Government was particularly interested in harnessing the expertise of Nigerians abroad in education, healthcare, science and technology, agriculture and other strategic sectors.

Describing the diaspora community as “the greatest resource of the future,” Shettima said Nigerians possessed the intellectual capacity required to unlock the country’s economic potential.

“Citizens of our country have the capacity and intellect to harness our nation’s potentials and take it to greater heights,” he said.

The Vice President also used the engagement to make a case for the economic reforms of President Bola Tinubu, saying the administration had taken difficult decisions rather than dwelling on the shortcomings of previous governments, according to a statement issued by his media aide, Stanley Nkwocha.

“When President Tinubu assumed office, he did not resort to trading blames and accusing his predecessor for the state of affairs of our nation. Rather, he took decisions that only a leader of courage and conviction would take,” Shettima said.

He said the reforms were beginning to produce measurable results, citing the increase in Nigeria’s foreign reserves to more than $55 billion and economic growth of 4.45 per cent in the last quarter.

The Central Bank of Nigeria had separately reported that gross external reserves stood at $55.25 billion as of September 18, 2026, the highest level in 18 years. The apex bank also said the reserves provided about 11.3 months of import cover.

Shettima argued that the strengthening of Nigeria’s external position and improvements in the foreign exchange market would help protect diaspora remittances and investments made by Nigerians living abroad.

He therefore urged the diaspora to look beyond negative narratives about Nigeria and participate actively in the country’s emerging investment opportunities.

“We are working day and night to reposition the Nigerian nation as investment confidence is returning to Nigeria, and the Dangote Refinery success story is a true manifestation in recent times.”

“Be rest assured that beyond the negative stories that you hear and see in the social media, Nigeria is open for business. We have crossed the Rubicon, and we are on the path of sustained growth.”

The Vice President also highlighted the administration’s education financing programme, saying more than 1.29 million Nigerian students in tertiary institutions had accessed N125 billion through the Nigeria Education Loan Fund since its inception.

On security, Shettima acknowledged the challenges confronting the country but said the administration was deploying available resources to contain emerging threats, stressing that the problem was not peculiar to Nigeria.

He also made a fresh appeal for national unity, telling Nigerians that the country’s progress depended on their ability to put aside differences and work towards common national objectives.

“Whatever binds us together supersedes whatever divides us as a people,” he said.

The New York engagement brought together a high-level Nigerian delegation, including Governors Babagana Zulum of Borno, AbdulRahman AbdulRazaq of Kwara, Siminalayi Fubara of Rivers and Dauda Lawal of Zamfara, as well as Senate Leader, Senator Opeyemi Bamidele.

Also at the meeting were the Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu; Minister of Science, Innovation and Technology, Dr Kingsley Tochukwu Udeh; Minister of Humanitarian Affairs and Poverty Reduction, Dr Bernard Doro; Minister of Education, Dr Tunji Alausa; Minister of Solid Minerals Development, Chief Dele Alake; Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim; Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite; and Minister of State for the FCT, Dr Mariya Bunkure.

Nigeria’s Permanent Representative to the United Nations, Ambassador Jimoh Ibrahim; Nigeria’s Ambassador to the United States, Ambassador Kayode Are; heads of government agencies and senior officials of the Nigerian mission in the US also attended.

 

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