Nigeria is taking steps to become the third African country to introduce a citizenship by investment (CBI) program, aiming to attract foreign investors and reshape its economic landscape. The proposed alteration is designed to attract foreign direct investment by granting Nigerian citizenship to individuals who make significant economic contributions to the country.

The CBI program will allow foreign investors to obtain Nigerian nationality in exchange for significant economic contributions. This move aligns with global trends where countries leverage CBI programs to attract foreign capital, boost economic growth, and increase foreign direct investment. Currently, Egypt and Mauritius are the only African nations offering formal citizenship by investment schemes.

Egypt requires a $250,000 non-refundable contribution or investment in approved real estate or business, while Mauritius offers a Permanent Residency by Investment route, requiring a $375,000 real estate investment for a 20-year residence permit, with citizenship eligibility after seven years. Nigeria's potential CBI program may follow either model, depending on its economic priorities and political stance.

The Citizenship by Investment Bill, sponsored by the Deputy Speaker, Benjamin Kalu and other lawmakers, has passed its second reading and aims to introduce a new class of citizenship known as citizenship by investment. Although specific details about Nigeria's program—such as the minimum investment threshold, qualifying sectors, and application criteria—are yet to be unveiled, experts suggest it could include investments in real estate, government bonds, or key economic sectors like petroleum, manufacturing, and technology.

If implemented successfully, Nigeria's citizenship by investment program could reshape its economic landscape, making it a more attractive destination for global investors while strengthening its position as a major African economic hub. The program's potential impact on the country's economy and its position in the global investment landscape will be closely watched by experts and investors alike.

In the context of global trends, Nigeria's move to introduce a CBI program is not surprising. Many countries are leveraging CBI programs to attract foreign capital and boost economic growth. The success of such programs in other countries, including those in the Caribbean and Europe, has demonstrated their potential to drive economic development and attract high-net-worth individuals.

As Nigeria moves forward with its CBI program, it will be important to monitor its implementation and impact on the country's economy. The program's success will depend on various factors, including the attractiveness of the investment opportunities, the competitiveness of the program's requirements, and the country's ability to provide a stable and business-friendly environment for investors.

In conclusion, Nigeria's consideration of a citizenship by investment program marks a significant step in the country's efforts to attract foreign investment and drive economic growth. As the program takes shape, it will be important to watch its development and impact on the country's economy, as well as its position in the global investment landscape.