Let it be honest the Nigerian politicians have stolen the nation’s wealth dry in corrupt transactions and Tinubu’s government can raise new revenues by devising strategies through home purchases for Nigerians in diaspora. According to data from the World Bank and Budget Office of the Federation, Nigeria’s Diaspora remittances have played a huge contribution in cushioning the adverse effects of foreign exchange scarcity and keeping the country’s forex reserve afloat.
It further stated that in 2018, it was $24.31 billion. It soon fell to $23.81 billion in 2019, and the pandemic caused it to fall to $17.21 billion in 2020. It came back stronger to $19.2 billion in 2021 and by 2022 the World Bank estimated that the inflows into the country had reached $20.9 billion.
Tinubu can do the smart thing by building new homes targeting Nigerians in diaspora; which can be a potential avenue for raising new revenues for the Nigerian homeland. Such leadership can contribute to the Gross Domestic Product (GDP) of Nigeria, which according to the US Bureau of Economic Analysis (BEA): the Nigerian real estate sector’s contribution to America’s GDP typically ranges between 12% to 15% in recent years—which can improve tremendously in the Nigerian homeland. Here are some strategies to assist the venture:
1. Diaspora Investment Funds: Tinubu can do the smart thing by establishing diaspora investment platforms dedicated to diaspora Nigerians interested in purchasing homes in Nigeria. These funds can provide financial support, advisory services, and facilitate the process of investing in real estate properties in different states in the homeland. First, assign very smart leadership, example is the former Lagos State Governor Raji Fashola to run the program. Like him or not the former governor is a thinker and can make many things happen.
2. Mortgage Facilities: Collaborate with financial institutions to provide mortgage facilities and financial options specifically tailored for diaspora Nigerians interested in purchasing homes in Nigeria. This can make home ownership more accessible and attractive to the diaspora community.
3. Real Estate Development: Encourage real estate developers to construct affordable and desirable housing options specially designed for Nigerian in the diaspora. The homes can be tailored to meet the preferences and needs of diaspora Nigerians, attracting them to invest in the properties, which also attract small taxes for the Feds/state/local government.
4. Investment Incentives: Offer attractive investment incentives and tax breaks to diaspora Nigerians ready to invest in real estate projects in Nigeria. This can include reducing property taxes, exemption on capital gains, or streamline procedures for property ownership and registration.
5. Marketing and Outreach: Develop targeted marketing campaigns to reach out to Nigerians in the diaspora and promote the investment opportunities in the Nigerian real estate market. Utilize various communication channels, including social media, diaspora networks and specific events or conferences aimed at diaspora engagement.
6. Diaspora Engagement Programs: Create programs and initiatives that foster a strong connection between the Nigerian government, diaspora communities, and potential investors. This can include hosting forums, networking events and providing information on investment opportunities and procedures.
7. Infrastructure Development: Ensure that the areas targeted for real estate development have adequate infrastructure, including access to water, electricity, transportation, and other essential services. This will enhance the attractiveness of the properties and create a conducive environment for diaspora investment.
8. Streamlined Processes: Nigerians in diaspora are no longer used to the BS of Nigerians at home and the processes has to be streamlined procedures related to property acquisition, registration, and ownership. Establish efficient systems that reduce red tape and administrative burdens, making it easier for diaspora Nigerians to invest in real estate.
9. Collaborate with Diaspora Organizations: Forge partnership with diaspora organizations and associations that can act as intermediaries between the Nigerian government and the diaspora community. These organizations can further help to disseminate information, provide guidance, and facilitate investment opportunities.
10.Monitor and Evaluation: Establish mechanisms to monitor and evaluate the effectiveness of these initiatives. Regularly assess the impact of the real estate investments made by diaspora Nigerians and make necessary adjustments to improve the overall strategy.
In summary, implementing these strategies requires a comprehensive approach that involves collaboration between the federal government, state, local government and real estate developers, financial institutions, and diaspora communities. By providing attractive investment opportunities and creating enabling environment, Nigeria can potentially raise new revenues through increased real estate investment from the diaspora