Categories: Forex

Diaspora Nigerians Drive Economic Growth with $90 Billion in Remittances Over Five Years

Investors King has gathered that the Chairman of the Nigerians in Diaspora Commission (NIDCOM), Dr. Abike Dabiri-Erewa, has revealed that remittances from Nigerians living abroad have surpassed $90 billion in the last five years.

Dabiri-Erewa stressed that this expenditure serves as a testament to the diaspora’s growing impact on the Nigerian economy, noting that they spent no less than N60 billion during their visits to the country in December 2024.

Speaking before the National Assembly Joint Committee on Diaspora in defense of the commission’s 2025 budget, she noted that Nigerians in the diaspora are a powerful force whose influence on the country’s economy cannot be ignored.

The NIDCOM boss stated: “You know, we’ve reached a stage where, in the last five years, we’ve shown that the diaspora is a powerful force, a resource, and we cannot ignore them.

“And, you know, they are the number one ambassadors of our country. They will help us change the narrative of our country.

“In fact, all over the world, everybody now wants to have a Nigerian as a friend. So let’s seize the moment. We can take over the world, and we will.

“President Bola Tinubu has introduced reforms that everybody should support: tackling insecurity, building infrastructure, and taking the hard decisions that will make Nigeria a better place. So it’s very simple.

“We have 17 million of them. And how much has this generated for the growth of the economy? Remittances alone in the last five years have exceeded $90 billion. This December, of course, you know, it was not less than N60 billion in what they spent coming to Nigeria. It could grow, but this is just scratching the surface.”

Dabiri-Erewa observed that the large influx of diaspora Nigerians in December 2024 was the result of years of consistent interaction and engagement with the community.

The NIDCOM boss explained that the commission is exploring innovative funding strategies, including working with the National Assembly Committee on Diaspora to enhance its financial capacity.

Additionally, Dabiri-Erewa proposed the establishment of a Diaspora Plaza, which, according to her, would serve as a hub for Nigerians abroad to connect, engage with government officials, and learn about opportunities within the country.

She said: “I hosted them. In fact, I didn’t rest in December. My house turned into a hosting venue because they were all coming.

“And I was seeing some of them, particularly those young Nigerians. They have money to invest, and they are willing to.

“Some of them are getting into local communities and local businesses. Even now, the most impressive one that we worked with wants to start training young people in digital technology.

“What we haven’t done, which we’ll do this year, is put it in a document so we can truly appreciate what the diaspora has done.”

Azeez Adeleke

Share
Published by
Azeez Adeleke

Recent Posts

Nigeria Governors Reject VAT Hike, Advocate Economic Stability

The Nigeria Governors’ Forum (NGF) on Thursday rejected the proposed increase in Value Added Tax…

14 minutes ago

Osun State Allocates N178 Billion to Infrastructure, Education, and Agriculture in 2025 Budget

The Osun State Government has allocated N178,446,092,830 from the N427,746,925,170 budgeted for 2025 to the…

39 minutes ago

Nigeria Joins BRICS as Partner Country, Strengthening Global South Cooperation

Investors King gathered that, in a bid to strengthen cooperation among the Global South, Nigeria…

58 minutes ago

Crypto Market Braces for Growth Under Trump Administration: Bitcoin, Altcoins Surge

The cryptocurrency market is anticipating a surge in optimism ahead of President-elect Donald Trump's inauguration…

1 hour ago

Naijaonpoint.com: A Growing Concern Over Plagiarism Allegations

In recent months, Naijaonpoint.com has come under scrutiny following allegations of unauthorized use of content…

5 hours ago

Centralise Regulation for our Industry, E-hailing Drivers Urges FG

In a bid to bolster the interest of drivers in the country, E-hailing drivers, under…

4 days ago