The House of Representatives Committee on Diaspora has said that effective collaboration between the Debt Management Office and members of the House of Representatives, particularly the House Committee on Diaspora, would go a long way in opening the frontiers of public debt management knowledge.
Chairman of the House of Representatives Committee on diaspora Matters, Hon. Rita Orji, made this known when members of her committee paid a working visit to the Debt Management Office.
She said that it was important that her Committee familiarizes itself with the activities of the DMO and to also identify areas of collaboration that will benefit Nigerians and the economy as a whole.
Hon. Rita Orji, who led members of the Diaspora Committee, enlightened the DMO management on the Committee’s activities which are aimed at active engagement with Nigerians in Diaspora to create better opportunities that would harness valuable potentials to address Nigeria’s socio-economic challenges in the years ahead.
“DMO and other relevant stakeholders should put efforts together to cater for the welfare, mobilize and pro-actively engage the Nigerian Diaspora Community for nation-building and development.” According to he, Nigerians in Diaspora are willing to participate in any means necessary to uplift the economic fortunes of the country.
She commended the management of the DMO, led by Dr. Abraham Nwankwo, even as she said that DMO has been living up to its constitutional mandate, especially at the time like this when Nigeria and the rest of the world is grappling with financial difficulties and economic challenges.
Responding, the Director-General of Debt Management Office (DMO), Dr. Abraham Nwankwo, expressed the desire of his office to enlighten the committee on the activities of the DMO as it concerns Public Debt Management and sovereign issuance in the international capital market.
According to him, DMO has been involved in what he called democratization of public debt management, saying that such approach has repositioned Nigeria in the world financial map as continental role-model in public debt management operations.
He also reeled out the achievements recorded by the Office and how it has contributed to Sub-National Debt Management developments.
He highlighted the ongoing efforts to issue a Nigerian Diaspora Bond in the International Capital Market even as he sought the support of the House Committee on Diaspora in this regard.
In line with the objectives of the Committee, the Diaspora bond would serve as a channel for Nigerians in Diaspora to access the economy and contribute to Nigeria’s development by investing in critical infrastructure and other sectors of the economy and, at the same time, earn relatively good returns on their investments. [myad]
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