NDIS 2024: USA’s PAC-ADE Pledges Investment Opportunities for Nigerians in Diaspora

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U.S. President's Advisory Council on African Diaspora Engagement ... U.S. Embassy and Consulate in Nigeria

The Executive Director, United States’ Presidential Advisory Council on African Diaspora Engagement (PAC-ADE), U.S.A, on Thursday said the council aims to make it easier for diaspora members to go beyond individual remittances and participate in pooled investments.

It aims to achieve this by creating opportunities for Nigerians in the U.S. to partner with local entrepreneurs, support small and medium-sized enterprises, and invest in larger development projects that foster stability and economic growth in Nigeria.

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Ms. Deniece Laurent-Manteyaurent-Mantey revealed this at the Plenary Presentation at the 7th Nigeria Diaspora Investment Summit in Abuja.She said, PAC-ADE’s efforts align with its mission to bridge communities, create pathways for investment, and amplify the influence of the African diaspora.

While expressing gratitude for the support of NiDCOM and the leadership of Hon. Dabiri-Erewa. She reaffirms PAC-ADE’s commitment to building robust platforms and partnerships that enhance the diaspora’s impact. “PAC-ADE is laying the groundwork for a stronger, more resilient Nigeria,” she stated.

Hon. Abike Dabiri-Erewa, Chairman/CEO of Nigerians in Diaspora Commission (NiDCOM), expressed her sincere appreciation to Ms. Laurent-Mantey, who has shown dedication and leadership within the African diaspora.

“We cannot thank you enough for all you’re doing for our continent—for the dedication, for the vision, and for building a future that Africa truly deserves. We are deeply grateful.”

The NiDCOM Boss also reaffiirmed the need for collective action within the diaspora, a principle that aligns seamlessly with PAC-ADE’s core mission. She shared her vision for a Diaspora Investment Fund, encouraging collaborative investments among diaspora communities.

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“Imagine 1,000 diasporas put together $100 and then you start to invest in your country; it’s going to be very, very impactful”.She expressed optimism for future collaborations.

“So we’re glad with the initiatives of the American African Diaspora Council under this administration, and we look forward to working with the Council and we thank the U.S. government”.

The Chairman reaffirmed the commission’s dedication to creating partnerships that leverage the resources, skills, and aspirations of the diaspora for Nigeria’s advancement.

She further expressed hope for ongoing collaborations that will build economic resilience and create job opportunities across Nigeria, adding, “As we’ve said here, and we’re saying it again for the Nigerian diaspora, we want to work with you.

“We want to build this country together. We want to ensure that Nigerians at home work with Nigerians in the diaspora to build this big country of ours”.

At the Summit, Nigerian Nollywood actor Patrick Doyle said the Nigerian creative industry has recorded unprecedented growth, with the box office crossing five billion naira as of September 2024, making it a lucrative Industry to invest in.

“Nigerian films now account for 50.4 per cent of the box office revenue, surpassing foreign films”, he said.

“This remarkable achievement is largely attributed to the exceptional work of Nigerian actors, producers, and filmmakers, like RMD, lead actor in the film “Blackbook”, which was named as the most successful African film on Netflix”, Mr. Doyle added.

Richard Mofe-Damijo said the Nigeria government should look at the development component of the creative industry and create grants for those in the sector.

He also said building trust between businesses in Nigeria and those in the diaspora will produce exponential growth seen at the top level and will spread across other sectors of the economy.

The Founder Hip TV, Ayo Animashaun, emphasised on the success of Afrobeats that was made possible from hard work and dedication.

“We have not milked the popularity of our music enough, last year, afrobeats recorded over $345 million in streaming across only two platforms, we need a Nigerian own streaming platform, he revealed.

“Nigerian artist sell out big shows around the world, the opportunities are massive, we need the Diaspora to invest in more record labels and to create more festivals for afrobeats, there is so much money to be made”, Animashaun added.

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