Nigeria is considering issuing a diaspora bond in the United States to strengthen its ties with Nigerian expatriates and increase remittance inflows to $1 billion per month, according to Central Bank Governor Olayemi Cardoso.
Speaking at the IMF/World Bank autumn meetings in Washington, DC, Cardoso highlighted strong investment interest from Nigerians abroad, whose remittances have surged from $250 million to $600 million monthly since last year’s economic reforms.
“As a result, a diaspora bond in the United States, which is home to the largest concentration of Nigerians overseas, could be on the horizon in 2025. They really want to invest… beyond just financially,” Cardoso said of Nigerians abroad. “Our currency has now become extremely competitive and cheap, so they see the opportunity of taking positions in assets and businesses back home.”
He noted that Nigeria’s currency depreciation has made assets and business investments in Nigeria increasingly appealing to overseas investors.
In a further demonstration of investor confidence, Nigeria’s first dollar-denominated domestic bond, launched in August, raised over $900 million—well above the initial $500 million target. Finance Minister Wale Edun, also attending the Washington meetings, described the oversubscription as a testament to confidence in Nigeria’s economic trajectory.