Zenith Bank MD Challenges Nigerians In Diaspora To Invest In Nation’s Health Sector

Managing Director/Chief Executive Officer of Zenith Bank Plc, Ebenezer Onyeagwu has challenged Nigerians in the diaspora to invest in the nation’s health sector.

Gatekeepers News reports that Onyeagwu has called for increased collaboration of Nigerians in the diaspora for the country to achieve its economic growth targets.

The Zenith Bank MD made this call at the 4th edition of the Nigeria Diaspora Investment Summit 2021 organised by the Nigerians in Diaspora Commission (NiDCOM).

The summit was themed ‘Partnership and Linkages for Post Covid Economic Growth’.

Onyeagwu while stating that the summit’s theme was apt, emphasised Nigeria’s need for robust growth following the unprecedented impact of the COVID-19 pandemic, which triggered a severe macroeconomic shock.

He stressed that the diaspora community plays a critical role in their home country’s economic growth and development.

The Zenith Bank CEO identified the healthcare sector as one area where diaspora investment and intervention are urgently required.

Onyeagwu said, “By leveraging the expertise of our diaspora healthcare professionals in some of the emerging world-class health facilities in Nigeria, such as Evercare Hospital, Ibom Specialist Hospital, and Base University Hospital, we can begin to curb the loss of foreign exchange to medical tourism.”

He, therefore, challenged the various associations and groups of Nigerians in the diaspora to pull resources together and identify viable investment opportunities in the homeland.

According to him, Nigeria has enormous potential to attract significant diaspora inflow, most of which comes in through informal channels.

Onyeagwu added that the remittance inflows and investments, which are counter-cyclical, help in ameliorating foreign exchange challenges as the funds form a significant buffer for the country’s foreign reserves.

He, therefore, urged that narrative should shift from diaspora remittance to diaspora direct investment as advocated by the Chairman of NiDCOM, Abike Dabiri-Erewa, and the Acting Executive Secretary/Chief Executive Officer, Nigeria Investment Promotion Commission (NIPC), Emeka Offor.

The Zenith Bank CEO also commended the federal government and the Central Bank of Nigeria (CBN) for leading with policies that created an enabling environment for investment in Nigeria such as the ‘Naira 4 Dollar Scheme’.

Onyeagwu said the policy contributed to boosting diaspora remittances by providing incentives for recipients of international money transfers, which encouraged the senders and recipients to channel inflows through the official market, knowing that they will not be shortchanged.