NiDCOM, NASENI partner to drive innovation
Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, yesterday, urged Nigerian banks to intensify support for the apex bank’s efforts to grow Diaspora remittances to $1 billion monthly, describing the inflows as a strategic lever for foreign exchange stability and broader economic transformation.

Cardoso, who stated this during the 18th yearly Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, said Nigeria had made significant progress, with monthly Diaspora remittance inflows rising from $250 million to $600 million.

He, however, credited the improvement to collaborative international outreach missions, where Nigerian banks worked closely with the CBN to engage Diaspora communities.

He said that meeting the $1 billion target by 2026 would now depend on the commercial banks.

Cardoso commended the CIBN for its consistency in convening strategic dialogue, describing the event as a key platform for aligning on reforms to stabilise the economy and build investors’ confidence.

President Bola Tinubu called on stakeholders to help deepen reforms and adopt digital innovation, aimed at delivering inclusive growth.

The reforms, he noted, would be supported by Artificial Intelligence (AI) and data-driven tools that now give the government full visibility into its finances for the first time.

Meanwhile, the Nigerians in Diaspora Commission (NiDCOM) and the National Agency for Science and Engineering Infrastructure (NASENI) are working closely to explore new ways of building innovation and technology, using the expertise and skills of Nigerians living in the Diaspora, as well as those at home.

Chairman/CEO of NiDCOM, Abike Dabiri-Erewa, during a strategic meeting with Executive Vice Chairman/CEO of NASENI, Khalil Suleiman Halilu, described the collaboration as a “timely intervention.”

She noted that it would help connect Nigeria’s local innovators with scientists, engineers, technologists, and entrepreneurs in the Diaspora.

Halilu said his visit to NiDCOM was to present two key projects: a government-backed payment platform, similar to Revolut, designed to be seamless, flexible, multi-currency, and to provide real-time monitoring at affordable rates, while the second project aims to engage Nigerians in the Diaspora, particularly in science, technology, innovation, and entrepreneurship, to develop practical projects that can grow the economy.