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Nigerian House of Representatives Passes CBI Bill · IMI Podcasts

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  SPEAKER_00: The House of Representatives passed a citizenship by investment bill for second reading on Wednesday, creating a potential pathway for foreign investors to obtain Nigerian nationality.
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  SPEAKER_00: According to Vanguard Nigeria, Deputy Speaker Benjamin Kalu and other lawmakers sponsored the constitutional amendment, which aims to attract foreign direct investment by granting citizenship to high net worth individuals who invest in Nigeria's economy.
• 0:28
  SPEAKER_00: House Leader Professor Julius Ihan Bear presented the legislation as part of a package of constitutional amendments currently before the legislative chamber.
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  SPEAKER_00: The bill proposes altering the 1999 constitution to introduce a new class of citizenship, specifically designed for qualified foreign investors who meet specified financial thresholds.
• 0:50
  SPEAKER_00: Under the proposed framework, investors must demonstrate commitments above a predetermined financial threshold or investments in strategic sectors deemed critical to national development.
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  SPEAKER_00: Applicants would submit evidence of their investments to a designated ministry responsible for evaluating citizenship applications.
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  SPEAKER_00: The bill now advances to the committee stage, where legislators will scrutinize it further during public hearings.
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  SPEAKER_00: If approved, it returns to the House for final passage before moving to the Senate.
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  SPEAKER_00: Like all constitutional amendments, the proposal requires eventual ratification by state assemblies before implementation.
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  SPEAKER_00: The bill's prospects appear favorable, given the current political structure.
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  SPEAKER_00: The ruling all progressives Congress, also known as APC, holds a majority in both the House and Senate, so legislation supported by party leadership typically encounters minimal opposition.
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  SPEAKER_00: Deputy Speaker Kalu's sponsorship signals strong backing from House leadership.
• 1:51
  SPEAKER_00: Constitutional amendments in Nigeria require approval from at least 24 of the 36 state assemblies.
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  SPEAKER_00: The federal government's influence in many states, particularly those controlled by the ruling party, suggests the bill could secure the necessary state-level support if it clears federal hurdles.
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  SPEAKER_00: If the bill does become law, one of the world's biggest investment migration markets may follow in the footsteps of Egypt and Turkey, becoming a hub for both outbound and inbound clients.
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  SPEAKER_00: This episode first appeared as an article by Ahmad Abbas on IMIDaily.com.
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  SPEAKER_00: Subscribe for free to the IMI newsletter for breaking news and updates from the investment migration industry, and upgrade your membership to IMI Pro to get access to our exclusive professional community, citizenship catalog, investment migration company Rolodex, private briefings, and more members only content.