Diaspora Week Lagos: Nigerians in diaspora return with capital, contacts and big business goals

Nigerians in the diaspora are moving beyond remittances to build businesses and invest at home, Business Insider Africa reports.

The shift was on display at the Diaspora Capital Dinner in Lagos, hosted by MaC Venture Capital and Amplify Africa during Diaspora Week Lagos.

The invitation-only event at KNOWHERE Lagos, Victoria Island, brought international investors together with African founders, including Flutterwave co-founder Iyinoluwa Aboyeji.

Amplify Africa co-founder Oluwatimilehin Adeyeba said trust remained a key factor for diaspora investors. The organisation says more than 60,000 people in its community showed interest in investing in the Dangote Refinery.

Marlon Nichols of MaC Venture Capital said Nigeria was producing world-class founders, but the number of investors ready to back them had not caught up.

The chief executive of Carrot Credit urged investors to back Nigeria.

“So invest here early. If you win here, you win at scale,” he said.

Other attendees called for stability in government policy and the currency to attract more returnees.

Amplify Africa plans to take Diaspora Week to Nairobi.