House of Reps Moves to Grant Citizenship to Foreign Investors
In a beed to attract foreign direct investment, the House of Representatives has advanced a bill that would grant Nigerian citizenship to major foreign investors.
The proposed legislation, sponsored by Deputy Speaker Benjamin Kalu and six other lawmakers, passed its second reading on Wednesday. The bill seeks to amend Section 28 of the 1999 Constitution to introduce a new category of citizenship—citizenship by investment—for foreigners who meet specific financial and strategic investment requirements.
Under the proposed law, foreign investors seeking Nigerian citizenship would apply through a designated ministry, providing evidence of substantial investment in the country. The bill outlines that only those who invest above a specified financial threshold or in sectors deemed critical to national development would be eligible.
According to a legislative brief, the initiative stimulates economic growth by incentivizing high-net-worth individuals and corporations to invest in Nigeria’s economy. The move aligns with global trends, as several countries, including the United States, Portugal, and the United Arab Emirates, offer similar investment-based citizenship programs.
“This proposal aims to attract foreign direct investment by granting Nigerian citizenship to individuals who significantly contribute to the economy,” the brief states.
If passed, the bill could transform Nigeria’s economic landscape, potentially unlocking billions of dollars in foreign capital while positioning the country as a top investment destination in Africa.
With the bill moving past its second reading, the next phase will involve a committee review and stakeholder consultations before it proceeds to the final stages of legislative approval.
