The Nigerians in Diaspora Commission (NiDCOM) has lauded the Central Bank of Nigeria (CBN) for introducing two groundbreaking financial products aimed at engaging the Nigerian diaspora: the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA).
In a statement released on Thursday by the Commission’s spokesperson, Abdurahman Balogun, NiDCOM’s Chairman and Chief Executive Officer, Abike Dabiri-Erewa, described the initiative by CBN Governor Mr. Olayemi Cardoso as a “strategic move to enhance diaspora engagement and bolster Nigeria’s economic growth.”
Dabiri-Erewa emphasized the critical role of diaspora remittances in the nation’s economy, underscoring that it remains the highest source of foreign exchange, surpassing revenues from crude oil.
“This initiative aligns with the government’s vision to strengthen ties with Nigerians living abroad and optimize their contributions to national development,” she noted.
The NiDCOM chief urged Nigerians, both at home and abroad, to collaborate in building a stronger economy, stating, “No foreigner will develop our country for us. It is our collective responsibility to drive progress.”
She further encouraged diaspora Nigerians to take advantage of the new financial products introduced by the apex bank to channel their resources into productive investments.
The NRNOA and NRNIA accounts are expected to streamline the process of remittances while offering flexible opportunities for diaspora Nigerians to invest in the country’s economy.
According to NiDCOM, these accounts will not only enhance the ease of financial transactions but also foster deeper engagement between the diaspora community and the domestic economy.
Dabiri-Erewa commended the CBN’s proactive approach to boosting financial inflows through recent engagements with stakeholders in the diaspora. She expressed optimism that these accounts would significantly increase economic contributions from Nigerians living abroad, providing a much-needed boost to national finances.
The initiative comes at a time when Nigeria is seeking innovative ways to diversify its revenue sources and reduce reliance on oil exports. With diaspora remittances already playing a key role in economic stability, the CBN’s new accounts are expected to drive further growth by encouraging greater participation from the global Nigerian community.
NiDCOM reiterated its commitment to supporting initiatives that enhance the role of Nigerians in the diaspora, describing them as indispensable partners in the country’s journey toward sustainable development.
