Controversies have begun to trail the move by the National Assembly to amend the 1999 Constitution to grant citizenship to foreign investors who meet a certain investment threshold.<\/p>\n
The proposed legislation, sponsored by the Deputy Speaker of the House of Representatives, Benjamin Kalu, and six others, is currently receiving consideration by the House Committee on Constitution Review.<\/p>\n
The bill seeks to alter Section 28 of the Constitution to introduce a new class of citizenship known as Citizenship by Investment.<\/p>\n
In the explanatory memorandum, the objective of the bill includes the need to attract Foreign Direct Investment by granting citizenship to individuals who invest in the Nigerian economy above a specified financial threshold or in strategic sectors critical to national development.<\/p>\n
It further aims to attract substantial foreign capital into Nigeria, stimulating economic growth, creating employment opportunities, and financing essential infrastructure projects.<\/p>\n
Expressing support for the bill, a member of the House of Representatives and Chairman of the Committee on Foreign Affairs, Oluwole Oke, said CBI was not new in other jurisdictions.<\/p>\n