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Nigeria Eyes Diaspora Bond to Boost Remittance Inflows

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Gov Olayemi Cardoso,, CBN.

Nigeria is considering launching a diaspora bond in the United States as part of its strategy to attract $1 billion in monthly remittances.

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, announced this during an interview with Reuters on the sidelines of the ongoing IMF/World Bank autumn meetings in Washington, D.C.

Cardoso noted that Nigerians abroad are increasingly eager to invest in their home country, particularly given the recent economic reforms implemented by the Tinubu administration. The devaluation of the naira has made Nigerian assets more attractive to overseas investors.

The potential issuance of a diaspora bond in the United States, home to the largest Nigerian diaspora community, is seen as a strategic move to tap into this vast pool of capital.

In addition to the diaspora bond, Nigeria recently launched its first dollar-denominated domestic bond, which was significantly oversubscribed, reflecting strong investor confidence in the country’s economic outlook.

The CBN Governor expressed optimism about achieving the $1 billion monthly remittance target, citing the rising trend in remittances and the government’s ongoing efforts to improve the investment climate.

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