Monthly remittances from Nigerians abroad are nearing $1 billion, the Nigerians in Diaspora Commission (NiDCOM) has disclosed.
NiDCOM said in a statement on Tuesday that the increase underscores the Diaspora’s commitment to national development and confidence in the country’s economic reforms.
The statement, signed by the Director, Media, Public Relations and Protocol, NiDCOM, Abdur-Rahman Balogun, applauded “Nigerians in the Diaspora for their contributions to the Nigerian economy, as monthly remittance inflows approach $1 billion, underscoring their commitment to national development and confidence in the country’s economic reforms.”
“The commission also commended them for their investments in the country, which have surged in the last few years.”
“The Commission noted that the removal of the fuel subsidy and the unification of the foreign exchange market under President Bola Ahmed Tinubu were difficult but necessary decisions to address longstanding economic distortions.”
While the road taken over the last three years has not been easy, NiDCOM noted that Nigeria’s external reserves, now approaching $60 billion, and rising remittance inflows are encouraging developments.”
“Beyond remittances, Nigerians in the Diaspora have continued to invest in Nigeria, particularly in healthcare, agriculture, the food industry and information and communication technology (ICT).”
“These investments support businesses, create employment and bring valuable expertise into the country.”
To encourage more such investments, NiDCOM continues to engage Nigerians in the Diaspora through platforms such as the annual National Diaspora Day celebrations and the Nigerian Diaspora Investment Summit.”
“The recently held Nigeria Diaspora Economic Conference (NIDEC) in Canada also brought Nigerians together to explore investment opportunities, build business relationships and discuss ways of directing more Diaspora resources towards Nigeria’s economic growth.”
The chairperson/CEO of NiDCOM, Hon. Abike Dabiri-Erewa, commended Nigerians in the Diaspora for continuing to support their families and invest in their homeland despite the challenges of the past few years.
She urged them to sustain their contributions, noting that their investments and remittances help keep businesses running, support households, and create opportunities for more Nigerians.
NiDCOM said it would continue working with relevant stakeholders to strengthen engagement with Nigerians in the Diaspora and make it easier for them to invest in the country.
The Commission expressed optimism that sustained reforms and greater private-sector participation would help more Nigerians abroad find viable opportunities to bring their ideas, skills, and resources home.
by. Vincent Ikuomola
