NIDCOM, PISTIS-FINSERVE, to strengthen DIASPORA investment

Business Headlines

PISTIS-FINSERVE, an alternative Investment Organization, having fully recognized the challenges associated with Home Remittances by Diasporas, has designed a mechanism that would not only simplify the process of Diaspora Investment but also make it seamless and attractive, using accurate data and technologies.

Leader of PISTIS-FINSERVE delegation Mr Patrick Essien who represented Mr Adefemi Adedipe, CEO, PISTIS-FINSERVE, disclosed this at a strategic meeting with the Nigerians in Diaspora Commission in Abuja.

Mr Essien maintains that though NIDCOM is less than Two Years old since its establishment yet it has made tremendous strides and that attracted PISTIS-FINSERVE to make the visit. Mr Essien further said the visit is to key into NIDCOM’s Investment programmes such as: National Diaspora Day, Nigerian Diaspora Investment Summit, Nigerian Diaspora Investment Trust Fund, The Diaspora Festival: Door of Return, among others.

Meanwhile, the Chairman/CEO Nigerians in Diaspora Commission Hon Abike Dabiri-Erewa represented by the Secretary to the Commission Engineer Dr. Sule Yakubu Bassi commended the pragmatic and business-like approach of PISTIS-FINSERVE Delegation and promised to involve them in all NIDCOM’s Investment programmes and activities.

He told the delegates that NIDCOM’s mandate among others is to harness the resources, skills, talents and global exposure of the Nigerian Diaspora for National Development. It is therefore incumbent on NIDCOM to achieve this through a robust partnership from within and outside the sovereign boundaries of the Country, he said.

Engineer Bassi explained that with over 17million Nigerians in the Diaspora, Nigeria is already a ready market for Investment coupled with the huge Remittances of over 25billion dollars in 2019, and 20billion in 2020, a short fall due to COVID-19 and an estimated rise of 29 billion dollars at the close of 2021.

It was also observed at the meeting that 70% of Diaspora Remittances is channelled to consumptive purposes while 30% is into real estate and other investments; the reason NIDCOM is committed to changing the trend through the Nigerian Diaspora Investment Trust Fund.