Nigeria’s House of Representatives is considering a constitutional amendment to introduce citizenship by investment as a new pathway to Nigerian nationality.
The proposed bill, sponsored by Deputy Speaker Benjamin Kalu and six other lawmakers, aims to attract foreign investors by offering them a direct stake in the country, Nigerian citizenship.
The initiative aligns with global trends, as many countries use investment-based residency and citizenship schemes to boost foreign direct investment (FDI). However, while the bill presents opportunities for economic growth, it raises concerns about national security and Nigeria’s overall attractiveness to investors.
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Nigerian nationality can only be acquired through birth, registration, or naturalisation. The new proposal seeks to establish a fourth category, citizenship by investment. Though the specific investment threshold has not been disclosed, it is expected that eligible investors will be required to make substantial financial contributions to key sectors such as manufacturing, infrastructure, and technology. They would also need to demonstrate economic benefits, such as job creation, and pass security checks to protect national interests.
The concept of citizenship through investment is not new. Countries such as the United States, Canada, the United Kingdom, and several European Union (EU) nations operate similar programs.
Portugal’s Golden Visa programme, for instance, has attracted billions of euros in foreign investments by offering residency and eventual citizenship to individuals who buy property or create jobs.
The US runs the EB-5 Immigrant Investor Programme, which grants green cards to individuals investing at least $800,000 in businesses that generate jobs.
Similarly, Malta and Cyprus have granted full citizenship in exchange for multi-million-dollar investments, though concerns over money laundering and security loopholes have led to increased scrutiny from the EU.
“What exactly is Nigeria offering?” – Economist raises questions
Despite the economic potential of the bill, Samson Simon, chief economist at ARKK Economics & Data Limited, argued that Nigeria must offer more than just a passport to make the initiative attractive to investors. He points out that countries with successful citizenship-by-investment programmes are places where people want to live and do business.
“If you look at America, people are willing to go to America, even if it means dying, and we let them see themselves in America. Mexicans are a typical example. A Mexican doesn’t even care if he should die as long as he sees himself in America because the standard of living there is way better. America is way more livable than Mexico,” Samson said.
He questioned what Nigeria has to offer beyond citizenship itself, stressing that for the proposed bill to succeed, the government must introduce policies that make Nigerian nationality a valuable asset.
“It’s not just about citizenship for the sake of citizenship. Citizenship is a means, and even America that is in that, there are benefits that people will get by becoming citizens, but those benefits cannot easily be replicated elsewhere. So what exactly are they getting by becoming citizens of Nigeria? We have to fix that if we want to really make it a lucrative option for investors. And I don’t think we have fixed that,” he said.
To compete with other countries offering similar programmes, Samson believes Nigeria must create policies that grant Nigerian citizens tangible benefits over foreign nationals.
“There have to be government policies that will favour being a Nigerian or certain policies that favour Nigerians ahead of people coming from outside. We have to sweeten the deal in such a way that it will look very attractive to foreign investors that they would like to be citizens of Nigeria. But if we don’t have anything more officially comparable, why should they come to us if they can get better options elsewhere?” he added.
Security risks and potential for exploitation
Beyond economic concerns, Samson warns that the programme could be exploited by criminals, including drug traffickers and money launderers, who may seek Nigerian citizenship to facilitate illegal activities.
“Of course, you have to be ready for both the good and the bad. It’s not always good people that make the most of such opportunities. Bad people also try to exploit such opportunities. Maybe they can use it as a ground zero for them to launch attacks,” he said.
He emphasised that if Nigeria moves forward with the bill, it must enforce strict vetting measures to ensure only credible investors are granted citizenship.
“You want to make your citizenship very easy to be acquired by investors, but you have to also select. It’s not like just any investor that wants to come in. You look at it on balance, does it really matter? Does it really make sense in the long term?” he said.
The European Commission has criticised some golden passport schemes for enabling illicit financial flows and creating loopholes for criminal networks. Countries like St. Kitts and Nevis have faced backlash for selling passports to investors who contribute little beyond their initial financial outlay. If Nigeria does not structure its programme carefully, it risks becoming a similar haven for financial crimes.
Ultimately, the success of the bill will depend on its implementation. If designed with strong safeguards, transparency, and accountability, it could attract credible investors and drive economic growth. However, without proper oversight, it could become a tool for exploitation, enriching a select few while exposing Nigeria to new financial and security vulnerabilities.
