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Nigerians in Diaspora repatriated $20.8billion into the country

Wednesday, 26 July 2017

Nigerians in diaspora have repatriated about N7.519 trillion ($20.8billion) into to either finance developmental project or assist family members.

Coordinator, Network of Research on Africa (NORMA), Prof. Aderanti Adepoju, disclosed this on Tuesday at a stakeholder consultation on enhancing remittance contributions for National development held in Lagos.

According to Adepoju, the flow of remittances had become a topical issue in development circles because of the sheer volume of money remitted by the diaspora to developing countries through formal and informal networks every year.

“Of the estimated 66 billion USD remitted to Africa, Nigeria (the sixth largest remittance-receiving country in the world and largest recipient of remittances in Sub-Saharan Africa) topped recipient countries attracting about $20.8 billion from its nationals in 2015,” he said.

Adepoju stated that figure was known to have been received through official channels adding that the figure could be double considering that there other indirect ways used in remitting money into the country.

He said there was need for timely policy interventions with effective result –oriented implementation so as to realised benefit from remittances, while stressing the need for more effort in promoting the effective use of migrants’ remittances for domestic investment efforts.

The NORMA coordinator explained that the stakeholder forum was geared towards determining the way forward and developed a road map for more effective use of remittances from the Diaspora.

He listed other key issues to be addressed at the forum to include, how remittances are sent, received, recorded and channels to rural communities using information technology – mobile banking facilities; financial incentives for diaspora to invest more productively in national development through diaspora bond, Diaspora bank (India, China, Kenya) –NOMRA will explore how these experiences can be replicated and/or enhanced in the Nigerian context, among others.

Also, the Acting Vice chancellor, Elizade University, Professor Tunde Fadayomi, called on African leaders to show concern on the plight of emigrants as this may have effect on remittance into the country.

“I believed that this concern should find a bold expression in Africa’s foreign relations, diplomacy and international cooperation. Besides African leaders, should show more interest through their embassies in the conditions of work and living of their emigrants, their adjustment challenges and the state of their families and obligations.”

The Director, International Labour Organisation (ILO), Mr. Dennis Zulu, said remittances were crucial in reducing the poverty headcount ratio and fostering development.

He urged government to come up with innovative policies, programmes and tools that would help maximize the potential of remittances.

Source: ( PM News )

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