Reps mull Nigerian citizenship for key foreign investors

Reps mull Nigerian citizenship for key foreign investors

A bill seeking to grant Nigerian citizenship to major
foreign investors passed second reading at the house of representatives on
Wednesday.

 

The bill, which is sponsored by Benjamin Kalu, the deputy
speaker, and six other lawmakers, aims to alter section 28 of the 1999
constitution which deals with dual citizenship.

 

The bill proposes a new class of citizenship known as
citizenship by investment to allow qualified foreign investors who meet
specified investment thresholds to acquire Nigerian citizenship.

 

The foreign investor seeking Nigerian citizenship shall
apply to the designated ministry, accompanied by evidence of investment in
Nigeria.

 

“The proposed alteration aims to attract foreign direct
investment by granting Nigerian citizenship to individuals who invest in the
Nigerian economy above a specified financial threshold or in strategic sectors
critical to national development,” the legislative brief reads.

 

The investment must exceed a specified financial threshold
or be in strategic sectors deemed critical to national development, as
determined by the ministry responsible for granting citizenship.

Source: Reps mull Nigerian citizenship for key foreign investors

 - NigerianEye
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