Onyeagwu says remittance inflows and investments help ameliorate foreign exchange challenges
By Jeph Ajobaju, Chief Copy Editor
Robust economic growth is required to mitigate the disruption triggered by the pandemic and one of the tools is increased collaboration with Nigerians in the diaspora whom the World Bank estimates will remit $17.6 billion in 2021.
Ebenezer Onyeagwu, Zenith Bank Group Managing Director/Chief Executive Officer, made the point at the fourth Nigeria Diaspora Investment Summit 2021, stressing its importance for Nigeria to achieve growth targets.
The event was organised in Aso Rock by the Nigerians in Diaspora Commission (NiDCOM), done online and in person, attended physically by government officials, among them Governors and Ministers.
Onyeagwu said the theme of the summit, “Partnership and Linkages for Post Covid Economic Growth”, underscores the need for robust growth in a post pandemic world finding its way out of macroeconomic shock.
He commended Abuja the Central Bank of Nigeria (CBN) for policies that create an enabling environment for investment, such as the “Naira 4 Dollar Scheme”, which he says boosts diaspora remittances.
He said this and other policies encourage international money transferers and recipients to channel inflows through the official market, knowing they will not be shortchanged.
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Nigeria’s investment potential
Onyeagwu highlighted Nigeria’s investment potential, especially its huge market and youthful population that is a source of both labour and consuming demographics.
He pressed on the need for partnership and collaboration with diaspora Nigerians to achieve economic growth targets, especially in these challenging times, noting that diaspora communities across the world play a critical role in the economic growth and development of their home countries.
“Nigeria has enormous potential to attract significant diaspora inflow, most of which is coming in through informal channels.
“These remittance inflows and investments, which are counter-cyclical, help in ameliorating foreign exchange challenges as the funds form a significant buffer for the country’s foreign reserves,” Onyeagwu said.
He identified the healthcare sector as one area where diaspora investment and intervention are urgently required.
“By leveraging the expertise of our diaspora healthcare professionals in some of the emerging world-class health facilities in Nigeria, such as Evercare Hospital, Ibom Specialist Hospital and Base University Hospital, we can begin to curb the loss of foreign exchange to medical tourism.”
Raising the stakes with Diaspora Nigerians
Onyeagwu implored various associations and groups of Nigerians in the diaspora to pull resources together and identify viable investment opportunities in the homeland.
He commended NiDCOM led by Abike Dabiri-Erewa for engaging disapora Nigerians in policies, projects, and development programmes.
He canvassed that the narrative should shift from diaspora remittance to Diaspora Direct Investment (DID) as advocated by Dabiri-Erewa and Emeka Offor, acting CEO of the Nigeria Investment Promotion Commission (NIPC).
Onyeagwu reiterated that Zenith Bank as a socially responsible organisation plays its part in promoting investment in Nigeria, citing its partnership with NiDCOM and the Nigeria Diaspora Investment Summit (NDIS).
He said the bank remains committed to creating value for diaspora Nigerians through unique products, services, and quality service, including mortgage.
Diaspora Nigerians can open accounts with Zenith Bank through online and digital channels and do not need to visit Nigeria to do so, he explained.
About Zenith Bank
Zenith Bank has grown enormously in three decades to become Nigeria’s largest and one of Africa’s largest financial institutions by Tier-1 Capital, with shareholders’ funds of N1.1 trillion ($2.64 billion) as of December 31, 2020.
It distinguishes itself in the Nigerian financial services industry through superior service offerings, unique customer experience, and sound financial indices.
Zenith Bank is the clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed, and safety of transactions.
Recent awards
Zenith Bank has won numerous awards in recent years for excellent performance and commitment to global best practices.
Among other awards, Zenith Bank won
- Number One Bank in Nigeria by Tier-1 Capital in the 2021 Top 1000 World Banks Ranking published by The Banker Magazine
- Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021
- Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2021
- Best Corporate Governance ‘Financial Services’ Africa 2021 by the Ethical Boardroom
- Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2021
- Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020
- Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020
- Best Corporate Governance ‘Financial Services’ Africa 2020 by the Ethical Boardroom
- Number One Bank in Nigeria by Tier-1 Capital in the 2020 Top 1000 World Banks Ranking published by The Banker Magazine.
- Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020
- Bank of the Decade (People’s Choice) at the ThisDay Awards 2020
- Retail Bank of the year at the 2020 BusinessDay Banks and Other Financial Institutions (BOFI) Awards
- Best Company in Promotion of Good Health at the Sustainability, Enterprise and Responsibility (SERAS) Awards 2020
- Best Company in Promotion of Gender Equality and Women Empowerment at the Sustainability, Enterprise and Responsibility (SERAS) Awards 202