Nigeria, South Africa Top list of African Countries Seeking Second Citizenship
A recent report indicates that Nigeria and South Africa top the list of African countries seeking residence and citizenship in foreign countries such as the US and the UK.
According to the report, these countries have had a significant spike in interest in foreign passports, with a 46% increase in enquiries in the third quarter of 2022.
The report also reveals that African countries have maintained an upward trajectory in global investment and market growth, following a 23% increase in enquires last year.
The report published by Hanley and partners highlights that South Africa, Nigeria, Egypt and Algeria were among the top 20 nationalities in investment migration.
Moreover, South Africa and Nigeria topped the list of countries seeking these applications in 2022. Other countries on the list include Algeria, Egypt, Ghana, Kenya, Morocco and Uganda.
Speaking on the latest trend, Weyinmi Oritsejafor, Client Advisor at Henley & Partners UK, said
- “Africa’s wealthiest countries have the highest number of applicants on the continent for residence and citizenship by investment programs.
- “This gives credence to the fact that affluent African investors are looking to protect their wealth but also significantly enhance their prosperity, enabling them to leave a greater legacy for future generations,” she said.
Reason for Second Citizenship Quest
According to Henley & Partners, a substantial portion of African investors and individuals are motivated by the necessity to secure more potent passports.
This dual benefit not only eases their travel but also provides them with entry to a larger segment of the global economy via visa-free access.
Implication on Nigeria Economy
While investment migration can encourage global trade in general, such upward trends also showcase the decline in the economy landscape of a country like Nigeria.
In addition, investment migration can also result in scarce capital exportation from Nigeria to the host country for investment, further weakening the availability of capital in the country.
Lastly, the report also implies that African countries, Nigeria in particular, are not regarded as an investment destination for African investors.