The Nigerian House of Representatives has taken a significant step toward altering the country’s Constitution by introducing a bill that proposes granting Nigerian citizenship to foreign investors.
This move is part of a broader initiative to attract foreign direct investment (FDI) and foster national development.
The Citizenship by Investment Bill passed its second reading on Wednesday, with the primary objective of creating a new class of citizenship through substantial financial contributions to Nigeria’s economy.
The bill outlines that foreign investors meeting specified investment thresholds would be eligible for Nigerian citizenship.
Deputy Speaker, Benjamin Kalu, who sponsored the bill alongside other lawmakers, highlighted that the initiative 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.”
In addition to this bill, several other amendments were also presented. One key proposal, the Indigene Status Bill, seeks to guarantee indigene status to persons based on birth, continued residence for at least 10 years, or marriage.
Prof. Julius Ihonvbere, the House leader, presented the bills during the second reading session, underscoring their potential to reshape Nigeria’s governance framework.
Moreover, there is a proposal to amend penalties for capital offenses in alignment with global human rights standards and a bill to establish the Office of the Accountant-General of the Federation for a fixed term of four years.