Elon Musk, Jeff Bezos, and others observe as Nigeria moves to Become the Third Country To Offer Citizenship by Investment to Boost Economic Growth

Elon Musk, Jeff Bezos, and others observe as Nigeria moves to Become the Third Country To Offer Citizenship by Investment to Boost Economic Growth

Nigeria is set to join the global trend of citizenship by investment (CBI) programs, enabling foreign investors to gain Nigerian citizenship in exchange for significant economic contributions.

This initiative is aimed at stimulating economic growth and attracting high-net-worth individuals to Africa’s largest economy.

Currently, only Egypt and Mauritius offer formal CBI schemes in Africa. Egypt requires a non-refundable contribution of $250,000 or investments in approved real estate or business ventures, while Mauritius provides a Permanent Residency by Investment option. In Mauritius, a $375,000 real estate investment secures a 20-year residence permit with eligibility for citizenship after seven years.

Nigeria’s proposed CBI program, now under consideration by the House of Representatives, seeks to introduce a new class of citizenship.

The Citizenship by Investment Bill, sponsored by Deputy Speaker Benjamin Kalu and fellow lawmakers, has successfully passed its second reading.

Although details such as the minimum investment threshold, qualifying sectors, and application criteria have yet to be disclosed, experts expect the program may target investments in sectors like real estate, government bonds, petroleum, manufacturing, and technology.

If implemented, Nigeria’s CBI program could position the country as a key destination for foreign direct investment, attracting wealthy investors and entrepreneurs while bolstering its economic development.