(Ecofin Agency) - Nigeria’s Minister of Finance, Kemi Adeosun (photo), has announced that the $300million dollars Diaspora bond approved by the National Assembly would be released in March this year.

The Minister revealed this while hosting the Senior Special Assistant on Foreign Affairs and Diaspora, Abike Dabiri-Erewa, in Abuja on Tuesday.

“The Diaspora bond which the National Assembly has approved is where Nigerians in the Diaspora who want to invest can key into; we are hoping that by March the Diaspora bond will be rolled out. Beyond that of course, the investment opportunities in Nigeria are very huge, a lot of Diasporans who are interested in investing at home are encouraged to do so. Government is putting in place a lot of incentives such as infrastructures; and also creates conducive environment for investment to thrive, we are encouraging them to come back home and join the trend,” she said.

The House of Representatives in April 2016, approved a request by President Muhammad Buhari to increase the Diaspora Bond from $100 million Euro Bond to $300 million Euro Bond, which will be raised from the international market.

This bond which is in line with the Federal Government’s External Borrowing Plan for 2016 – 2018, is aimed at diversifying government’s sources of finance.

According to Dabiri-Erewa, there is a need to further involve Nigerians in diaspora in contributing their quota to the development of the country, News Agency of Nigeria reports.

She noted that last year, the remittance from Nigerians into the economy rose from $21 billion in 2015 to $35 billion and they need to be encouraged to invest more at home.

Anita Fatunji