Fidelity Bank Plc has restated its readiness to continually support the Central Bank of Nigeria’s (CBN) efforts to engender sustainable economic development by significantly improving diaspora remittances and foreign exchange inflows into the country.
Chief executive of the bank, Mrs Nneka Onyeali-Ikpe, stated this at the inaugural edition of the Fidelity Diaspora Webinar Series in Lagos. She said that the bank would leverage its robust digital infrastructure, bespoke product offerings and extensive partnership with International Money Transfer Operators (IMTOs) to strengthen remittances inflows.
While applauding the regulator of the financial services industry for its well-timed interventions in the forex market, Onyeali-Ikpe stated the virtual event was part of concerted efforts to deepen engagement with Nigerian citizens’ resident abroad, providing them greater clarity on recent policy measures by the CBN and its attendant implications for diaspora investments.
“We are here today to discuss modalities of Diaspora Remittance as well as awareness of investment opportunities in Nigeria. We believe when people are armed with adequate knowledge, they will be able to make informed decisions,” she explained.
Shedding light on the investment opportunities available in the country such as fixed income securities, private equity prospects in companies, modernised agriculture, urban and infrastructure renewal projects, amongst others, she pointed out that many Nigerians in the Diaspora are taking advantage of the bank’s Diaspora Mortgage product to acquire homes in Nigeria.
Also speaking at the event, Vice President, Prof Yemi Osinbajo, who was represented by executive secretary/chief executive officer, Nigerian Investment Promotion Commission (NIPC), Ms Yewande Sadiku, said, “Nigerians in diaspora represent an indomitable force, they are flag bearers of Nigeria’s image, Nigeria entrepreneurial energy and Nigeria’s incredible can-do attitude.
“For several years, the remittances from Nigerians in diaspora exceeded Nigeria’s oil revenues, which translated sometimes as high as six per cent of GDP. We are interested in understanding exactly how to translate this potential to investments.”