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, scaled second reading at the House of Representatives on Wednesday.
The Citizenship by Investment Bill, which is among the Constitution amendment bills presently before the House of Representatives, seeks to alter the Constitution to introduce a new class of citizenship known as citizenship by investment.
The bill provides for the acquisition of Nigerian citizenship by qualified foreign investors who meet specified investment thresholds.
The proposed alteration aims to attract foreign direct investment by granting Nigerian citizenship to individuals who invest in the Nigerian economy above a specified financial threshold or in strategic sectors critical to national development.
