NIGERIA’S PATH TO CITIZENSHIP BY INVESTMENT: OPPORTUNITY OR RISK?

Abstract

Citizenship by Investment (CBI) has become a global tool for countries, particularly small and developing economies, to attract foreign capital by granting citizenship in exchange for investments in sectors like real estate, infrastructure, or government funds. African nations such as Egypt, Mauritius, and Comoros (now suspended) have adopted similar schemes, while others like Kenya and South Africa offer residency pathways to eventual citizenship. Nigeria’s proposed CBI programme, a departure from its traditional citizenship framework (birth, descent, registration, or naturalization), aims to stimulate economic growth by channelling foreign investments into strategic sectors like agriculture, ICT, and renewable energy. However, implementing this requires amending the 1999 Constitution via Section 9, which mandates a two-thirds majority approval in both the National Assembly and state legislatures a rigorous process ensuring broad consensus. Proponents argue CBI could boost foreign direct investment, create jobs, and diversify revenue streams. Yet critics warn of risks like corruption, money laundering, and threats to national security, exacerbated by weak governance. Nigeria must learn from global examples: Malta and St. Kitts and Nevis highlight the economic potential of well-regulated programmes, while Comoros’ suspension underscores governance pitfalls. Success hinges on stringent due diligence, transparent oversight, and public trust to prevent devaluing citizenship or alienating citizens. The socio-political implications are significant. Public perception of preferential treatment for wealthy foreigners could strain social cohesion, necessitating clear communication of benefits, such as infrastructure development. A robust legal framework and anti-corruption safeguards are critical to balancing economic gains with ethical and security concerns. Nigeria’s CBI initiative, while promising, demands meticulous design, political will, and accountability to uphold the sanctity of citizenship and avoid becoming a conduit for illicit activities. Ultimately, its viability depends on aligning economic ambition with democratic values and national integrity.