FG targets domiciliary accounts in Zenith, Access Bank, UBA, others and Nigerians with funds abroad

The Nigerian government seeks to attract funds kept in domiciliary accounts and the ones held by Nigerians abroad in a considerable investment drive to spur economic growth.

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, revealed this during a press conference in Abuja on Thursday, August 31, 2023.

Edun revealed that Nigerians have a massive stash of funds in domiciliary accounts and large sums in bank accounts abroad that could be deployed to rejuvenate the economy.

The Finance minister stated that Diasporan Nigerians were also targeted to play a critical role in the new move to rejig the economy and position it for high growth via productivity and efficient resource management.

Vanguard reports that Edun said there is a substantial source of Forex in Nigeria via domiciliary accounts and foreign accounts owned by Nigerians.

According to him, the government will incentivise Nigerians to repatriate their money home to invest in the economy and provide the required environment for Nigerians with resources abroad.

Edun spoke as the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari said petrol consumption has dropped in Nigeria.

He said:

"Nigerians in Nigeria have vast foreign currency holdings in banks and financial institutions abroad. We need to provide the environment that brings those funds home to choose to invest in the Nigerian economy rather than foreign economies, which is what they are doing right now."

The Coordinating Minister for the economy said they will encourage Nigerians in the diaspora to invest in the country to save it from economic collapse.

“If you place money in a bank abroad, you invest in a foreign economy. Finally, we also have a huge source of funds from the diaspora,” Edun said.

The Central Bank of Nigeria (CBN) has issued new guidelines to commercial banks on the operations of dormant accounts which have received no deposit or withdrawal for upwards of one year.

The new guideline is contained in the bank's circular to commercial banks issued on Wednesday, April 12, 2023.

According to the apex bank, it shall open a pool account to warehouse all funds left in dormant savings and current and domiciliary accounts.