Roseau, July 13, 2023 (GLOBE NEWSWIRE) — Nigeria is currently facing economic challenges, despite having the largest economy in Africa. The country’s debt grew a staggering 500 per cent under the former President, Muhammadu Buhari. The World Bank revised Nigeria’s gross domestic product (GDP) earlier this year, in the recent Nigeria Development Update (NDU).
The NDU report is released biannually by the World Bank and evaluates Nigeria’s current economic and social developments and long-term prospects on a global scale. The report also focuses on Nigeria’s economic and policy issues and analyses medium-term development challenges.
These economic and political challenges are causing Nigerian citizens to face great uncertainty, many of whom are hoping to see positive changes with the new president, Bola Ahmed Tinubu.
Nigerians are continuously seeking alternative methods to protect themselves and their families’ future, and one economical way of achieving this can be through the investment migration industry. Several factors influence Nigerians’ choices in selecting a host country’s CBI programme. Nigerians desire their dual citizenship to ensure economic and political stability in a host country that creates safety and security for both personal and business activities.
The Commonwealth of Dominica offers Nigerians opportunities that include encouraging and supporting business growth and a family-friendly environment.
Nigerians can access these opportunities through Dominica’s Citizenship by Investment (CBI) Programme and obtain dual citizenship in exchange for contributing investments towards one of the programme’s investment options. There are additional requirements when applying for dual citizenship, which include background and due diligence checks that may have additional fees applied.
Access to quality healthcare and educational facilities is important for Nigerians and their families, these facilities have international standards that offer advanced medical practices and schools that encourage further studies in Dominica or anywhere else around the world.
Dominica’s dual citizenship has one of the most affordable CBI programmes in the Eastern Caribbean region.
How do Nigerians benefit from Dominica’s CBI Programme?
Dual citizenship is a key to opening possibilities that come with Dominica’s dual citizenship, Nigerians can become part of the greater global community and increase their chances of ease of access to global markets that they were unable to previously.
Dominica is an English-speaking country, making it easier to communicate with the locals and with the Government of Dominica.
Nigerians can establish their businesses and expand their existing business ventures in Dominica. This will open more possibilities for creating permanent jobs and support local entrepreneurs with their small businesses.
Dominica offers offshore financial services to Nigerians who want to make international transactions and remittances back home. The CBI programme forms avenues for wealth management services and opportunities to protect assets and generational wealth.
The country also has many projects that are currently running through Dominica’s CBI, which will yield profitable results in their developing stages once completed, these will support the economic development of the country and improve the livelihoods of all citizens.
Nigerians can visit and live in Dominica with their family members whom they had applied for dual citizenship. Dominica is a tropical island paradise with picturesque landscapes and endless leisure activities for the whole family to enjoy.
Nigerian applicants are not required to undergo a series of exams to apply, nor do they need to live in Dominica for some time to qualify for dual citizenship.
Investment options available for dual citizenship
Nigerians can choose from the Economic Diversification Fund or Dominica’s Real Estate investment options. These investment options are also efficient for large families.
The Economic Diversification Fund (EDF) is a non-refundable contribution towards financially supporting private or public initiatives in Dominica. These initiatives include construction and development projects, renovation of hospitals, ecotourism, and agriculture. The contribution funds depend on the number of family members included in the applicant:
- The main applicant is ₦77,000,000 (US$100,000)
- A married couple’s contribution is ₦15,000,000 (US$150,000)
- A family of four contributions is ₦134,000,000 (US$175,000)
- For any additional family member under 18 years of age is ₦19,000,000 (US$25,000)
- And for any additional family member 18 years of age and over is ₦38,000,000 (US$50,000)
Dominica’s Real Estate investment option has government-approved luxurious properties around the country that offer exceptional returns on investments. From ₦153,000,000 (US$200,000). Any real estate properties purchased must own for a minimum of three years, or five years should the future purchaser be a CBI applicant. Dominica’s real estate fees are as follows:
- The main applicant is ₦19,000,000 (US$25,000)
- For a family of four is ₦26,000,000 (US$35,000)
- For a family of five is ₦38,000,000 (US$50,000)
- For any additional family member is ₦19,000,000 (US$25,000)
Dominica has award-winning luxury properties such as the Secret Bay. The eco-luxury resort featured in Travel + Leisure as the ‘#1 Best Resort Hotel in the Caribbean, Bermuda, and the Bahamas‘ in 2022 and is expanding its amenities and villas that are expected to be available from 2025, Dominica’s CBI investors contribute to Secret Bay’s success, as it offers high returns on investments. There are other luxury resorts and villas can cater to the needs of Nigerian investors’ long-term investment goals, such as Jungle Bay, and InterContinental Dominica Cabrits Resort and Spa.
Chantal Mabanga Commonwealth of Dominica +44 (0) 207 318 4343 chantal.mabanga@csglobalpartners.com
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