The House of Representatives has advanced a bill seeking to grant Nigerian citizenship to foreign investors who meet specified financial and strategic investment thresholds. The Citizenship by Investment Bill, which aims to attract foreign direct investment, passed its second reading on Wednesday.
Sponsored by Deputy Speaker Benjamin Kalu and other lawmakers, the bill proposes amending the 1999 Constitution to introduce “citizenship by investment” as a new category of Nigerian nationality. This initiative is expected to boost economic growth by encouraging foreign capital inflows into critical sectors.
House Leader Prof. Julius Ihonvbere, who presented the bill, emphasized its potential to enhance Nigeria’s global competitiveness by offering citizenship as an incentive for substantial economic contributions. The bill specifies that only investors in key industries vital to national development would qualify.
In addition to the Citizenship by Investment Bill, the House also debated amendments to guarantee indigene status for individuals born or residing in a state for at least 10 years and for women married to indigenes. Another proposal under review seeks to reform penalties for capital offences to align with international human rights standards.
The House further deliberated on a bill to restructure the Office of the Accountant-General of the Federation, proposing separate offices for federal and state-level financial oversight.
The proposed amendments will undergo further scrutiny in committee hearings before proceeding to the next legislative stage.
