Over the past five years, Nigerians living abroad have remitted more than $90 billion, significantly bolstering the country’s economy and contributing to national development.
Hon. Abike Dabiri-Erewa, Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM)
This was revealed by Hon. Abike Dabiri-Erewa, Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), during a workshop hosted in Abuja by the Nigerian Institute of Social and Economic Research (NISER) in collaboration with NiDCOM.
The workshop, themed “A Six-Continent Survey of Nigerian Professionals in Diaspora: Policy Measures for Harnessing Contributions to National Development,” focused on understanding and maximizing the economic impact of Nigerians abroad.
The Role of Diaspora Contributions
Dabiri-Erewa emphasized that accurate data collection is essential in assessing the impact, challenges, and potential of Nigerian professionals abroad. She stressed that leveraging these insights would allow for the development of targeted policies aimed at strengthening ties between the diaspora and Nigeria while ensuring optimal utilization of their contributions.
“By analyzing this data, NiDCOM can design policies that enhance diaspora engagement, create stronger links with Nigeria, and maximize their invaluable input in driving economic progress,” she noted.
She also commended Prof. Antonia Taiye Simbine, Director-General of NISER, for spearheading the research into Nigerian professionals in the diaspora, expressing optimism for continued collaboration between the two institutions.
Unlocking Diaspora Investment and Expertise
Prof. Simbine highlighted the enormous potential of over 17 million Nigerians living abroad and how strategic policies could harness their expertise, investments, and financial contributions to advance national development. She reiterated NISER’s commitment to providing data-driven insights to help formulate policies that strengthen Nigeria’s economic and social structures.
Hon. Gboyega Nasir Isiaka, Chairman of the House Committee on National Planning and Economy, acknowledged the financial impact of diaspora remittances, which have fluctuated between $17.2 billion and $20 billion annually in recent years.
“The Nigerian diaspora should not be sidelined but recognized as critical partners in the nation’s development,” he remarked.
He also referenced the Central Bank of Nigeria’s (CBN) plans to introduce a diaspora bond, urging government agencies to establish efficient engagement platforms that encourage participation from Nigerians abroad. Such initiatives would create avenues for investment in key sectors, including infrastructure, healthcare, education, and technology.
The Significance of Diaspora Remittances
Diaspora remittances play a crucial role in economic stability and national development. These funds often surpass foreign direct investment (FDI) and international aid, serving as a vital financial resource for many developing nations, including Nigeria.
According to reports, Nigerians in the diaspora spent approximately N60 billion during visits to the country in 2024, further emphasizing their economic influence beyond remittances.
To further support diaspora engagement, Dabiri-Erewa proposed the establishment of a Diaspora Plaza—a dedicated hub that would facilitate interaction between the Nigerian government and its citizens abroad. This initiative aligns with ongoing efforts by the National Assembly Committee on Diaspora to introduce innovative funding strategies that enhance NiDCOM’s financial capacity and operational reach.
Way Forward: Strengthening Diaspora Engagement
To fully leverage the economic potential of its global citizens, Nigeria must:
- Enhance Policy Frameworks – Develop policies that promote investments from the diaspora, including incentives for business start-ups and real estate development.
- Improve Financial Channels – Streamline remittance processes, making them more efficient, affordable, and accessible to ensure seamless fund transfers.
- Expand Investment Avenues – Introduce structured initiatives such as diaspora bonds and special investment programs in high-impact sectors.
- Create Engagement Hubs – Establish platforms like the proposed Diaspora Plaza, enabling stronger collaboration between the government and the diaspora.
- Leverage Technology – Utilize digital solutions to connect Nigerian professionals abroad with opportunities in their home country.
What To Note
Diaspora remittances represent a powerful tool for national development, and Nigeria must continue to explore innovative ways to engage, support, and integrate its citizens abroad into the country’s economic framework.
With over $90 billion in remittances over five years, it is evident that Nigerians abroad are deeply invested in the country’s future. By creating conducive policies and platforms, the government can harness these contributions to drive sustainable growth and national prosperity.
