Nigeria has emerged as the biggest african market for citizenship by investment after Middle east. A number of wealthy nigerians are interested in pursuing second citizenship and residency programs in search of new life abroad to protect their wealth.
There is a new trend with increasing number of Nigerians flee poverty and unrest at home.
Let us take a look at the important push factors that drives nigerian families to apply alternative citizenship and residence by investment schemes abroad.
Richest African country
Nigeria is the 2nd richest country in Africa in terms of GDP ($1bn) in 2020 according to IMF. Nigeria is seen as the globe’s next emerging economies remains a key player in world’s oil and natural gas economy.
Wealth is growing
Wealth is fast growing in Nigeria and so does wealth migration. The combined wealth of Nigeria’s five richest men – $29.9 billion. About 4 nigerians are in billionaires list. Some of the richest Nigerian man can earn $2 million annually from his wealth.
Wealth protection
Nigerian businessmen and families seek to protect their wealth and access greater global mobility, second citizenship is a popular route to achieving this. Many nigerians consider second passport is a must in any wealth management strategy and important for safety for family members during uncertain times.
Dual citizenship
Nigeria legalised dual citizenship in 1999. Nigerians can freely acquire foreign citizenship without renouncing their home citizenship. The Nationality law allows dual nationality of people of Nigerian descent either through birth or parentage. They are also allowed to hold public office in Nigeria
Political instability
Political instability has led many HNWI to worry about their safety, and that of their families.
Nigeria is facing civil unrest, conflicts, violent crimes in recent years. Nigeria faces security challenges on several fronts. Many wealthy individuals are searching for ways to diversity their wealth portfolio to hedge against further instability seeking alternate residency or citizenship offshore.
Recession
Nigeria is facing worst recession due to collapse in the global price of oil, Nigeria’s top export, and Coronavirus Disease are expected to push its economy into a deep recession, the country’s second contraction in five years.
Weak passport
Nigerian passport is one of the worst passports in the world curtailing many nigerians visa free travel abroad for business, education and making investments.
Covid
COVID-19 presented a significant obstacle for Nigerians conducting business abroad. Many nigerians feel trapped in their own country and look to diversify their options abroad in search for better life. Interest among Nigerians is very high for passport programs that require no trips
US travel ban
Nigeria is one of the countries listed in US travel ban. As a result, many nigerians look for ways to obtain E-2 visas through citizenship by investment programs
Education for children
Wealthy Nigerian families consider education abroad is very important for their children. For example US, UK, Canada and Australia have the world’s best educational institutions.
Restrictions
Nigeria’s economic potential is constrained by many structural issues, including inadequate infrastructure, tariff and non-tariff barriers to trade, obstacles to investment, lack of confidence in currency valuation, and limited foreign exchange capacity. The Central Bank of Nigeria introduced currency controls and spending limits.
Popular countries
These countries are very popular with Nigerians who seek immediate citizenship or residency with budget investment
- CBI: Vanuatu, St Kitts, Antigua, Grenada, St Lucia
- Golden Visas: Portugal, Greece, Canada, Malta
Antigua offers low cost citizenship for nigerian families and Portugal golden visa scheme is appealing for many Nigerians who want to acquire EU citizenship by investing in european real estate market.
