A bill seeking to grant Nigerian citizenship to major foreign investors passed second reading at the house of representatives on Wednesday.
The bill, which is sponsored by Benjamin Kalu, the deputy speaker, and six other lawmakers, aims to alter section 28 of the 1999 constitution which deals with dual citizenship.
The section reads as follows: “Subject to the other provisions of this section, a person shall forfeit forthwith his Nigerian citizenship if, not being a citizen of Nigeria by birth, he acquires or retains the citizenship or nationality of a country, other than Nigeria, of which he is not a citizen by birth.”
The bill proposes a new class of citizenship known as citizenship by investment to allow qualified foreign investors who meet specified investment thresholds to acquire Nigerian citizenship.
The foreign investor seeking Nigerian citizenship shall apply to the designated ministry, accompanied by evidence of investment in Nigeria.
“The proposed alteration 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,” the legislative brief reads.
The investment must exceed a specified financial threshold or be in strategic sectors deemed critical to national development, as determined by the ministry responsible for granting citizenship.
TheNewsMatrics reports that several countries around the world offer citizenship by investment programmes to attract funds in real estate and other sectors of their various economies.
US President Donald Trump recently proposed US citizenship for $5 million investments.
