Chief Executive Officer of Winhomes Global Services Limited, Engr. Stella Ifeoma Okengwu, has called on the Federal Government to strengthen institutional protection for Nigerians in the diaspora who bring their capital and expertise into the country.
Okengwu made the call on Monday while recounting her encounter with Vice President Kashim Shettima on the sidelines of the 81st Session of the United Nations General Assembly (UNGA) in New York.
She said her interaction with the Vice President centred on Foreign Direct Investment (FDI), diaspora participation in Nigeria’s development and the challenges faced by Nigerians abroad who invest in the country.
According to her, the experience reinforced the need for government to move beyond encouraging Nigerians in the diaspora to invest and ensure that their investments are adequately protected once they return their capital to the country.
She said many Nigerians abroad were willing to contribute to national development but could become discouraged when they encountered institutional and regulatory obstacles after investing.
‘Patriotism cannot replace investment protection.
‘If a Nigerian-American brings capital home, builds a legitimate enterprise, creates employment and introduces foreign investment, that person should be able to trust the institutions responsible for protecting lawful investment,’ she said.
Okengwu said the consequences of such challenges went beyond individual investors, as experiences shared by diaspora investors could influence the confidence of other Nigerians and foreign investors considering Nigeria.
‘When diaspora investors encounter serious institutional obstacles, the consequences extend beyond one investor or one project.
‘Stories travel. Investor confidence travels with them. And when confidence disappears, capital can disappear too,’ she said.
She said her discussion with Shettima gave her an opportunity to communicate the human dimension of diaspora investment, noting that behind investment figures were families, employees, businesses and people who had chosen to put their resources into Nigeria.
Okengwu described the Vice President as attentive during their interaction, saying he listened to her concerns about the difficulties associated with bringing investment back to the country.
She, however, stressed that such engagements should ultimately translate into policies and institutional reforms that would improve the experience of investors.
Okengwu also highlighted what she described as the Federal Government’s initiatives concerning development in the South-East, saying such measures would ultimately have to be judged by their implementation and impact on residents.
She noted the establishment of the South East Development Commission and other initiatives aimed at promoting economic development and attracting investment to the region.
According to her, the people of the South-East should be able to measure the impact of such initiatives through improved infrastructure, investment, employment opportunities and greater confidence in public institutions.
She said the region, like other parts of Nigeria, needed an environment where private, institutional and diaspora capital could operate with confidence.
‘Their ultimate significance will depend on implementation,’ she said.
‘The people of the South-East should be able to measure progress through infrastructure, investment, jobs, economic opportunities and improved confidence in institutions.’
Reflecting on the Federal Government’s efforts to attract investment, Okengwu said attracting capital was only one part of the process, arguing that maintaining investor confidence after investments had been made was equally important.
She said Nigeria’s investment drive would be strengthened if investors could demonstrate through their experiences that the country’s institutions protected legitimate investments.
‘The strongest advertisement Nigeria can give the international investment community is not another conference brochure.
‘It is the testimony of an investor who can say: ‘I invested in Nigeria. The institutions worked. My rights were respected. My investment was protected. I would invest again,” she said.
Okengwu said thousands of Nigerians in the diaspora had the capacity to contribute capital, skills, professional networks and international business connections to Nigeria’s development.
She argued that diaspora engagement should therefore extend beyond remittances to include investment, entrepreneurship, technology transfer and professional expertise.
The investor also said acknowledging positive interactions with public officials should not be interpreted as unconditional political support.
She said public officials should be appreciated when they demonstrate openness to citizens while remaining accountable for the outcomes of government policies.
‘I can say that Vice President Shettima treated me with humility and listened compassionately to my concerns while still believing that government must be held accountable for results. Both things can be true,’ she said.
Okengwu said her encounter with the Vice President left her hopeful that greater dialogue between government and Nigerians in the diaspora could help address some of the institutional barriers confronting investors.
She called for greater collaboration between government, public institutions, citizens and investors to build confidence in Nigeria’s investment environment.
‘Let compassion become policy. Let listening become action. Let invitations to the diaspora be accompanied by institutional protection,’ she said.
Okengwu said Nigerians abroad remained willing to contribute to the country’s development but needed greater assurance that their investments would be protected.
‘Nigeria does not lack talent. Nigeria does not lack investors. And Nigeria certainly does not lack Nigerians abroad who desperately want their homeland to succeed. What we need is a bridge of trust between government, institutions, citizens and investors,’ she added.