Nigeria eyes $1bn monthly remittances, mulls US diaspora bond – Cardoso

Nigeria is targeting $1 billion monthly remittance inflows and is considering a diaspora bond in the United States in 2025.

This was disclosed by Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), in a interview with Reuters on the sidelines of the International Monetary Fund (IMF) and World Bank Meetings in Washington DC on Thursday.

Cardoso said there is an increased investment appetite in Nigeria due to reforms implemented by the present administration, stating that Nigerians in diaspora are now more than ever willing to invest in the country. He said diasporan Nigerians have doubled their remittances into the country since 2023.

“They really want to invest in Nigeria beyond just financially. Our currency has now become extremely competitive and cheap. So they see the opportunity of taking positions in assets back home and in businesses back home,” he said.

He disclosed that remittance inflows hit $600 million in September 2024, from $250 million seen earlier on monthly basis, saying that the government is targeting $1 billion monthly inflows.

“Now that our currency is relatively competitive, there should be the opportunity for those who have relied so much on importation to now beef up the productive activity that has so greatly eluded us over these years,” he said.