The House of Representatives has taken a step toward amending the Nigerian Constitution to allow foreign investors acquire citizenship through financial investment in a bid to stimulate economic growth and attract long-term capital into key sectors of the economy.
The proposed legislation, titled “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to Include Citizenship by Investment as One of the Classes of Citizenship in Nigeria,” passed second reading on the floor of the House on Wednesday.
The bill is sponsored by Deputy Speaker Benjamin Kalu alongside several other lawmakers.
The legislation is part of a broader constitutional review effort currently underway in the National Assembly, targeting areas of national development and economic reform.
If passed into law, the bill will create a new category of legal citizenship for qualified foreign nationals who meet clearly defined investment benchmarks.
According to the bill’s explanatory memorandum, the aim is to introduce a framework through which Nigerian citizenship can be granted to foreign investors who make significant capital contributions into sectors deemed strategic to national development—such as infrastructure, energy, agriculture, manufacturing, and technology.
Lawmakers backing the bill argue that such a policy will align Nigeria with global best practices, where countries including the United States, United Kingdom, Malta, and several Caribbean nations offer pathways to citizenship or residency through substantial investment commitments.
Deputy Speaker Kalu noted that beyond attracting foreign direct investment, the reform will serve as a catalyst for job creation, technology transfer, and the diversification of the economy.
He also emphasized that the new class of citizenship will be subject to stringent due diligence and clearly defined financial thresholds to protect national interest and sovereignty.
Analysts say the bill could offer Nigeria a new tool for capital inflow at a time when the country is grappling with forex scarcity, sluggish economic growth, and declining external reserves.
However, concerns have been raised about potential misuse of the policy if transparency and strong regulatory oversight are not embedded in its implementation.
Critics also argue that citizenship should remain tied to national identity, allegiance, and integration, warning against policies that could commercialize a core aspect of sovereignty.
The bill is currently under further legislative scrutiny as part of the ongoing constitutional amendment process.
If approved by the National Assembly and ratified by the state houses of assembly, the constitutional alteration will formally establish “Citizenship by Investment” as a recognized path to Nigerian nationality.
As the debate continues, stakeholders are expected to weigh in on the long-term implications of linking citizenship with financial contributions in Africa’s largest economy.
