The Central Bank of Nigeria (CBN) has unveiled plans to grow the country’s diaspora reserves to $1 billion by 2026.
CBN Governor, Dr. Olayemi Cardoso, disclosed this target on Tuesday at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
Cardoso noted that Nigeria’s diaspora reserves currently stand at $600 million, but expressed optimism that the new framework developed by the CBN would enable the sector to meet the $1 billion milestone within two years.
“The banks now have the responsibility to make this happen. I commend institutions such as Zenith, Access, Fidelity and several others that are driving this initiative,” he said.
The CBN governor added that he is personally invested in the success of the programme, describing it as a game-changer for how Nigerians abroad perceive opportunities to contribute to national development.
He pledged that the apex bank would continue to provide a conducive regulatory environment while urging commercial banks to deepen their engagement with Nigerians in the diaspora to channel remittances through formal systems.
The two-day conference, themed “The New Economic Playbook: The Intersection of Banking, Policy and Technology,” brought together regulators, policymakers and financial sector leaders to discuss strategies for repositioning the industry.
Experts at the event emphasized that diaspora remittances, if properly structured, could become a key driver of economic stability and recovery at a time Nigeria is contending with forex volatility, inflation, and falling oil revenues.
