Diasporas Can Save Nigeria’s Economy – Abike

The Chief Executive Officer of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, has said Nigerians in the diaspora can save the country from her economic challenges.

Abike Dabiri-Erewa said Nigerians in the diaspora have in many ways, been saving the economy. She said remittances, investments and philanthropy were ways through which diasporas contribute to solving economic challenges facing the country.

Mrs Dabiri-Erewa said this on Thursday while speaking on the forthcoming 2024 National Diaspora Day, on NTA Good Morning programme, monitored by our reporter. She said countries including India, China, Pakistan, Israel and Ireland grew their economy through the efforts of their diasporas.

She said the 2023 diaspora remittance report of $20 billion into Nigeria, showed the country can solve most of her economic challenges without resorting to World Bank and International Monetary Fund (IMF) loans.

NiDCOM CEO said efforts must be made to structure Nigerians in diaspora to harness their full potential for the country’s benefit. She added that current data showed there are about 17 million Nigerians in diaspora.

Mrs Dabiri said, “We are looking at about 17 million Nigerians abroad. That is the data we are working with. We have a lot more than that.

“The idea is If we are excelling over the world, how can we contribute to our country, India cannot talk about development without their diaspora, China, Pakistan, Israel and Ireland. So we can’t have such amazing number of Nigerians all over the world and not do something about it.

“Look at remittance, we say over $20 billion, Nigerians in diaspora can and they have been saving the economy. But beyond the remittance, as we engage them, we can get investments, diaspora funds, and philanthropy.

“We go to World Bank and beg, we get a few million dollars, with conditions. IMF, we beg, we get a few million dollars with conditions, but if we pull our diaspora together we can get much more, in a structured manner, and that is what we are trying to do.”

She explained that NiDCOM has policies including house programmes and mortgages for diasporas. She added that the mortgage is underway and will be announced soon.

According to her, diaspora Nigerians through the mortgage can access up to ₦50 million to own a house. “We have some programmes for them, the diaspora housing, where they can own their homes, diaspora mortgage will be rolled out very soon, that is they can also get a mortgage, ₦50 million,” she said.