Abike Dabiri praises diaspora after recent CBN figures show 20% rise in remittances

NIGERIANS in Diaspora Commission (Nidcom) chair Hon Abike Dabiri-Erewa has praised the country's diasporans for their ongoing contributions to the economy after recently-released figures showed that remittances for the first quarter of the year rose by 20.3%.

According to data just released by the Central Bank of Nigeria (CBN), remittances for the first quarter of 2022 rose to $5.16bn from $ 4.29bn during the same period in 2021.

Also, the Naira 4 Dollar Scheme created by the CBN in 2021, attracted $2.4bn in diaspora remittances within eight months, surpassing the figure reported in 2021.

According to Hon Dabiri-Erewa, this latest rise in remittances represents the seventh consecutive quarterly increase. She added that the increase in remittances by Nigerians abroad has played a significant role in increasing the country's gross domestic product and also enhanced the socio-economic growth of the country.

Hon Dabiri-Erewa said: "Nidcom will continue to push for more engagement with our diaspora who are an indisputable economic factor and are becoming an investment factor in the country. Many Nigerians abroad are investing in agriculture, real estate, health, education and ICT, amongst others.

“As the world recovers from the global pandemic and confronts instability of many kinds, we want to honour the efforts of all those who continue to support their loved ones despite the challenging circumstances.

Imploring all stakeholders to continue to engage the National Assembly on the vexed issue of diaspora voting, Hon Dabiri-Erewa said the laws needs to be change. She also described the diaspora as a valuable asset worth more than the billions of naira they remit as they contribute immensely to national development through training and capacity development.

Hon Dabiri-Erewa assured Nigerians abroad that details of Nigerians Diaspora Investment Trust Fund will soon be unveiled as a platform for structured diaspora investments, just as diaspora mortgage and housing facilities are some of the programmes being introduced by Nidcom for the welfare of the citizens abroad. Stressing that no nation can develop without its diaspora, she emphasised the need for Nigerians at home and in diaspora to work together.

It is expected that by the end of the 2022 financial year, remittances from Nigerians in the diaspora from official sources would have increased from its current $22bn to about $25bn.  Across Nigeria, 33 states now have state diaspora focal point officers with Abia setting up the  Abia Diaspora Agency, with Edo and Enugu planning to do so too and Ondo and Anambra states appointing commissioners.