Business
FG To Attract Nigeria’s Foreign Saving With New Diaspora Bond
Joel Ajayi
As the World Bank-IMF Spring Meetings winds up, the Federal Government of Nigeria has stated that it plans to float a Diaspora Bond to attract funds held abroad by Nigerians at home and in the Diaspora.
The Honourable Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, disclosed this yesterday during his Wrap Up 2024 Spring Meetings’ media briefing held in Washington DC, United States of America.
He observed that remittances are certainly one of the ways the nation can increase the supply of foreign exchange and investment in the country.
The Minister informed that *there are Nigerians abroad who are doing very well. Even Nigerians in Nigeria with funds abroad that can be counted as remittance and in order to increase the supply of foreign exchange into the economy, government is looking at attracting those funds through a Diaspora kind of instrument, a Diaspora Bond we think, that will be attractive enough for Nigerians abroad and for foreign holdings of foreign currencies and look to having a substantial issue later in the year*, he said.
As part of the efforts of the administration to increase foreign exchange inflows, Mr. Edun informed further that Nigeria has qualified for the processing of a $2.25 billion World Bank facility.
*Nigeria has qualified for the processing of a total package of World Bank $2.25 billion, well there is no free money, but it is close to a grant for 40 years, moratorium of 10 years and about 1 percent interest. So that is also part of the flow that you can count*, the Minister said.
In addition, he explained that “there is a similar Budgetary Support, low-interest funding from the African Development Bank and clearly, there is also on-going discussions with Foreign Direct investors. Some of these things take longer than you expect, but there are relatively advanced discussions on major foreign direct investment inflows into the country, specific transactions with companies, institutions and authorities.
“The Minister said that the Spring Meetings presented an opportunity to engage the international audience on a global stage. *We have had the opportunity of speaking to international investors, portfolio investors and those International Direct investors that will bring what I will describe as quality funding. The kind of funding that builds factories and creates jobs”, he stated.
Mr. Edun noted that the response from all of them, *I can say, without exception, is that of greater confidence in the economic management of the country and greater interest and willingness to invest.”
“But in addition, not just the international community that we addressed, it is also critical that we are a private sector-driven economy and that is the policy of President Bola Ahmed Tinubu, to encourage private domestic and foreign investment to grow the economy, create jobs and reduce poverty**But also we have other partners – the multilateral organisations , development banks, bilateral financiers, grant-givers, foundations such as the Bill & Melinda Gates Foundation and others. The whole eco-system of international finance, we have engaged with all of them.”
“We have come away with funding to provide electricity to 300 million people in Africa that the largest portion will come to Nigeria. And you know what the provision of electricity does to increasing productivity and poverty reduction.
“We can also say that we have a bigger say for Africa through an additional Chair on the Board of Directors of the International Monetary Fund. I think it is a major success for Africa as a whole.” the Minister concluded.
While speaking on the sources of international funding to the Nigerian economy, he listed diaspora remittances, foreign portfolio investments, and facilities from the World bank as well as other international development partners.
Edun also tapped on issuing dollar-denominated securities specifically targeted at Nigerians in the diaspora and those with foreign-denominated savings in Nigeria as another measure to attract forex inflows into the country.
He disclosed that the Federal Government hopes to issue the bonds later this year and highlighted the efforts of the fiscal side of the economy in complimenting the recent monetary policy reforms by the Central Bank of Nigeria (CBN).
According to the Minister, *the issuing of government securities at an interest rate closer to the CBN’s monetary policy rate (MPR) is an indication of the collaboration between both sides of the economy in tackling inflation in the country and attracting forex inflows”.
He listed the agricultural sector as one area the President Bola Tinubu-led Administration is looking to spur growth in the medium term, noting that efforts in that area include the distribution of fertilisers and seeds to reduce food prices and enhance food security.
Other programs, according to the Minister, are: increasing power generation to about 6000 megawatts within six months, provision of infrastructure, especially housing with the goal of making low-interest mortgages available to Nigerians, revamping of the social investment program and proposed economic stabilisation plan.
The end of the 2024 World Bank-IMF Spring Meetings media briefing was attended by the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya and other top government officials.
Business
Turning Africa’s Raw Materials Into Wealth: The ARMS 2026 Industrial Agenda
By Joel Ajayi
For decades, Africa’s vast natural resources have powered industries and economies far beyond the continent, while many African countries have remained largely exporters of unprocessed commodities and importers of finished products.
That familiar pattern is now coming under renewed scrutiny as policymakers, researchers, investors and industrialists seek to change the direction of Africa’s resource economy.
At the centre of that conversation is the second edition of the Africa Raw Materials Summit (ARMS 2026), scheduled for October 19 and 20 at the Abuja Continental Hotel, Abuja, under the theme: “From African Feedstock to African Factories.”
Organised by the Raw Materials Research and Development Council (RMRDC), the summit is being positioned as more than another gathering of policymakers and industry stakeholders. It is intended to provide a platform for confronting the structural challenges that have kept African raw materials largely disconnected from local manufacturing.
Africa has for years operated largely within a “pit-to-port” economic model, exporting raw materials while importing expensive finished products.
Speaking at a press conference ahead of the summit on Tuesday in Abuja, the Director-General and Chief Executive Officer of RMRDC, Prof. Nnanyelugo Martin Ike-Muonso, said the event would bring together policymakers, investors, researchers, technology providers and industrialists to develop practical strategies for transforming Africa’s abundant natural resources into industrial wealth.
The challenge, therefore, is not simply the abundance of resources, but the continent’s ability to transform those resources into industrial value, employment, technology and wealth within Africa.
Nigeria alone, according to the RMRDC, has more than $582.4 billion in documented non-renewable natural resources, while the wider continent possesses substantial deposits of critical minerals, agricultural raw materials and industrial feedstock.
Yet, the benefits of this resource endowment have often been constrained by inadequate processing capacity, weak infrastructure, limited technology, financing gaps and fragmented regional value chains.
From Dialogue to Industrial Action
ARMS 2026 builds on the maiden edition held in May 2025, which attracted more than 1,000 delegates from across the world.
The inaugural summit also witnessed the unveiling of the Ten-Year Raw Materials Transformation Roadmap (2025–2034) by the Minister of State for Industry, Senator John Owen Enoh.
The roadmap was designed around areas including technological capability, climate-resilient processing and backward integration, establishing a policy framework for greater domestic utilisation of Africa’s raw materials.
The second edition is expected to move the conversation further by bringing policy, capital, technology and industrial stakeholders around practical mechanisms for turning raw materials into locally manufactured products.
One of the major proposals highlighted by the RMRDC is the 30 per cent Mandatory Value Addition Bill, which seeks to establish a statutory minimum level of value addition to Nigerian raw materials before export.
The Council says the proposed framework could support job creation, import substitution, foreign-exchange conservation and increased manufacturing contribution to the economy.
Building the Infrastructure for Value Addition
The industrial transformation envisaged by ARMS 2026 goes beyond legislation.
A major concern is the “missing middle” between where raw materials are produced and where factories are located.
Poor transportation networks, inadequate cold-chain facilities, weak rural roads, limited testing and certification infrastructure and border-related delays can make locally sourced materials more expensive and less competitive.
Consequently, logistics and infrastructure constitute one of the five principal pillars of the summit.
The objective is to develop more reliable corridors connecting farms and mines with processing centres and manufacturing facilities, thereby reducing losses and improving the movement of industrial inputs.
The Digital Dimension
Technology is also becoming an important part of the Council’s strategy.
The RMRDC says it has developed the Nigeria Integrated Information Statistical System for Raw Materials and Products (NISSRAMP), described as a digital repository containing information on feedstock deposits, specifications, production outputs and industrial absorption rates.
The Council has also highlighted its transition towards paperless operations and its certification as a Data Controller/Processor of Major Importance by the Nigeria Data Protection Commission.
Such digital infrastructure could provide investors and manufacturers with better information about the availability and characteristics of raw materials while supporting more informed industrial planning.
Turning Waste Into Industrial Inputs
Another major component of ARMS 2026 is the proposed expansion of the circular economy.
The summit will examine how agricultural by-products, mine tailings, scrap metals and biomass can be recovered and reused as inputs for new production processes rather than being treated simply as waste.
The RMRDC argues that such an approach could lower raw-material costs while supporting more sustainable and climate-resilient manufacturing systems.
For Africa, where industrial expansion must increasingly balance economic development with environmental considerations, waste industrialisation could become an important part of the continent’s manufacturing conversation.
From National Production to African Value Chains
The African Continental Free Trade Area is another important element of the summit’s agenda.
The RMRDC sees AfCFTA as an opportunity to create regional value chains in which raw materials sourced in one African country can be processed and supplied to manufacturers in another.
Under such a model, Africa would move beyond simply exporting commodities to external markets and develop stronger internal networks for supplying chemicals, refined minerals, agricultural inputs and other industrial materials across national borders.
This approach places regional integration at the heart of Africa’s industrialisation strategy.
Bridging Research and Capital
A recurring weakness in many developing economies is the gap between research and commercialisation.
Innovations may emerge from universities, research institutions and laboratories without receiving the financing, equipment or market connections required to become commercially viable.
ARMS 2026 intends to address that gap through technology commercialisation and capital linkages, connecting research outputs with investors, development finance institutions and industrial off-takers.
The RMRDC has also cited partnerships with the Bank of Industry for commercial-scale post-harvest processing and a South-South technology-transfer partnership with the National Innovation Centre par Excellence in Shanghai, China.
A Larger Industrial Conversation
The scale of ARMS 2026 is expected to be significantly larger than the maiden edition.
The organisers project more than 1,800 delegates from all 54 African countries and global industrial partners.
The programme will feature high-level policy dialogues, technical panels, an advanced raw materials and technology exhibition, industrial site visits and the African Raw Materials Industry Awards.
The exhibition, in particular, is expected to showcase locally fabricated processing machinery, advanced domestic materials, green chemicals and engineered commercial inputs.
Beyond the speeches and exhibitions, however, the real significance of ARMS 2026 will ultimately depend on what happens after the summit.
Africa’s challenge has never been a shortage of raw materials. The more difficult question has been how to transform those resources into factories, products, skilled employment, technology and sustainable economic opportunities.
For Nigeria and the rest of the continent, the proposed shift from “pit-to-port” to “feedstock-to-factory” therefore represents a broader debate about the future structure of African economies.
ARMS 2026 seeks to place that debate firmly on the industrial agenda — with value addition, technology, finance, infrastructure, circular production and regional trade at the centre.
If the commitments and partnerships generated by the summit translate into measurable industrial activity, the event could provide another platform for Africa to examine how its enormous resource base can support stronger domestic manufacturing.
The message from the organisers is clear: the continent’s raw materials should not only leave African soil as commodities; they should increasingly become the foundation for African industrial production
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