Nairobi Targets Enhanced Investment Environment to Capitalize on Diaspora Remittances


Nairobi, Kenya – The Kenyan government is taking definitive steps to improve the country’s investment environment, aiming to leverage the substantial diaspora remittances more effectively. This strategic move follows a government promise to ease investment processes for Kenyans living abroad, as part of a broader initiative to attract investments from the diaspora community.



According to Kenya News Agency, Principal Secretary of the State Department for Diaspora Affairs, speaking at the 10th Annual Kenya Diaspora Homecoming Convention in Nairobi, the Kenya Kwanza administration is actively working to enhance the investment climate for Kenyans in the diaspora. Njogu emphasized the potential of technology transfer from Kenyans abroad to their home country as a significant avenue for new business opportunities.



The government has acknowledged concerns raised by Kenyans living overseas about the high costs associated with sending money back to Kenya. In response, Njogu promised to collaborate with stakeholders in the diaspora money transfer sector to make these costs more manageable. This initiative aims to encourage more Kenyans abroad to continue sending remittances, thereby bolstering the national economy.



Data from the Central Bank of Kenya (CBK) Diaspora Remittances Surveys indicates a tenfold increase in remittances over the past decade, with a record $4.027 billion (KSh559.57 billion) received in 2022. These figures highlight the significant economic contribution of the diaspora to Kenya, which boasts the largest economy in the region.



The Ministry of Foreign and Diaspora Affairs is currently establishing and securing systems to help Kenyans in the diaspora secure jobs that match their qualifications. Dr. Shem Ochuodho, Chairperson of the Kenya Diaspora Alliance, also spoke at the conference, urging the government to focus on improving the welfare of Kenyans abroad to facilitate their investment in Kenya.



Dr. Ochuodho expressed confidence that government efforts to improve the welfare of Kenyans living overseas would result in increased remittances. He emphasized the potential of diaspora remittances to bolster the Kenyan economy during challenging economic times and called for a more favorable investment environment to attract Kenyans abroad.



In addition to economic discussions, the conference announced the launch of the 2023 Diaspora Awards, recognizing the achievements of Kenyans living abroad. The Kenya Diaspora Alliance views these awards as a way to celebrate the positive global influence of diaspora communities.



The event, attended annually by Kenyans living and working abroad, includes networking, updates on upcoming opportunities, and projections for the future. The Diaspora Awards aim to recognize achievements across various categories, including Arts and Culture, Science and Technology, Entrepreneurship, and Philanthropy.



The United States Ambassador to Kenya, Meg Whitman, praised the Kenya Diaspora Alliance for organizing the conference and encouraged Kenyan expatriates to invest in their home country.