Botswana’s President Duma Boko revealed plans on Friday to launch a citizenship-by-investment scheme.

The initiative aims to broaden the nation’s economic base and reduce its reliance on diamonds, its primary export.

Botswana’s finances have been strained this year by a sustained slump in the global diamond market, even though the country continues to lead the world in diamond production by value.

“This program will enable us to continue to secure the long-term financial future of Botswana," Boko said in a statement.

According to the statement, proceeds from the new program will be directed toward key national priorities such as the housing market, tourism, renewable energy, mining, and financial services.

The minimum investment needed to qualify for citizenship has not yet been determined, Reuters news agency reports.

Botswana’s economy shrank by 3% last year, and the government anticipates another contraction in 2025 due to the continued slump in the diamond sector.

Furthermore, back in August, President Boko declared a public health emergency following the collapse of the country’s medical supply chain. The following month, Botswana launched a sovereign wealth fund aimed at promoting economic diversification, generating employment, and overseeing state-owned enterprises.

To develop the citizenship-by-investment program, Botswana has engaged investment migration advisory firm Arton Capital under a memorandum of understanding.

Armand Arton, the founder of Arton Capital, described Botswana as being “at the edge of a bold new dawn” and expressed confidence that the program would position the country as “a new regional hub for cross-industry innovation.”

If Botswana rolls out its program in 2025, it would be the third African nation to introduce a citizenship-by-investment initiative that year, after Sierra Leone and São Tomé and Príncipe

On the global stage, it would be the fourth new program launched in 2025, following Nauru’s debut earlier in the year. Argentina may also unveil a program before the year ends, which would make 2025 a record year for new citizenship-by-investment offerings.