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Osinbajo lauds Fidelity Bank’s effort to educate diaspora Nigerians on CBN policy

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Fidelity Bank Diaspora Webinar Series

 

BY KAZIE UKO


Fidelity Bank Plc has been commended for organising the Diaspora Webinar Series, aimed at enlightening Nigerians living abroad on the new Diaspora Remittances policy of the Central Bank of Nigeria (CBN).

Vice President, Prof Yemi Osinbajo, who spoke as the Special Guest of Honour, gave the commendation at the inaugural edition of the webinar series, in Lagos, on Saturday.

Prof Osinbajo, represented by Executive Secretary/Chief Executive Officer, Nigerian Investment Promotion Commission (NIPC), Ms. Yewande Sadiku, also reaffirmed his confidence in the new CBN policy, saying it would aid more investment from Nigerians living abroad.

According to Osinbajo, “Nigerians in diaspora represent an indomitable force; they are flag bearers of Nigeria’s image, Nigeria entrepreneurial energy and Nigeria’s incredible can-do attitude.

“For several years, the remittances from Nigerians in diaspora exceeded Nigeria’s oil revenues, which translated sometimes as high as six per cent of GDP. We are interested in understanding exactly how to translate this potential to investments,” Osinbajo said.

READ: CBN announces new policy on Diaspora remittances

The CBN Governor, Mr. Godwin Emefiele, thanked Fidelity Bank for providing a platform to discuss broad issues affecting the CBN’s new FX policy.

Emefiele, in his keynote address, highlighted the benefits of the newly introduced “CBN Naira 4 Dollar Scheme,” an initiative aimed at incentivising senders and recipients of international money transfers. He explained that the new policy was expected to attract diaspora remittances through the official foreign exchange channels as well as support forex stability in Nigeria.

Fidelity Bank CEO, Mrs. Nneka Onyeali-Ikpe, restated the bank’s readiness to continually support the CBN in its efforts to engender sustainable economic development by significantly improving Diaspora remittances and foreign exchange (FX) inflows into the country.

Mrs. Onyeali-Ikpe, speaking at the webinar, themed: “The New CBN FX Policy and Positive Impact to Diaspora Investments in Nigeria”, stated that the bank would leverage its robust digital infrastructure, bespoke product offerings and extensive partnership with International Money Transfer Operators (IMTOs) to strengthen remittances inflows.

While applauding the CBN for its timely interventions in the FX market, Onyeali-Ikpe said the webinar was part of concerted efforts to deepen engagement with Nigerian citizens’ resident abroad, providing them greater clarity on recent policy measures by the CBN and its attendant implications for diaspora investments.

“We are here today to discuss modalities of Diaspora Remittance as well as awareness of investment opportunities in Nigeria. We believe when people are armed with adequate knowledge, they will be able to make informed decisions,” she explained.

READ: CBN boosts forex inflow with ‘Naira 4 Dollar’ campaign

Shedding light on the investment opportunities available in the country such as fixed income securities, private equity prospects in companies, modernised agriculture, urban and infrastructure renewal projects, amongst others, she pointed out that many Nigerians in the Diaspora are taking advantage of the bank’s Diaspora Mortgage product to acquire homes in Nigeria.

“As an innovative bank, our digital link on several IMTO sites ensures that Nigerians in diaspora can open both Naira and domiciliary accounts in 10 minutes and remit funds to Nigeria. Our Private Banking team can handhold interested persons for mortgage to avoid scams,” she explained.

Chairman/President of African Export-Import Bank, Prof Benedict Okey Oramah, commended the CBN governor for the reforms taking place regarding diaspora remittances. He suggested ways to boost diaspora participation in the Nigerian economy through specialised funds and accounts that would encourage them to save their long-term funds in Nigeria.

Lauding Fidelity Bank for the webinar series, Oramah said, “Africans and Nigerians can consider allowing special diaspora foreign currency accounts with higher interest rates than the US or Europe and with an inbuilt guarantee against potential losses from bank failures and country risks.”

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