Key points:
- Nigerians abroad sent $90bn home in five years
- Experts urge policies to tap diaspora investments
- Remittances surpass foreign aid in economic impact
NIGERIANS living abroad have remitted over $90bn to the country in the last five years, reinforcing the vital role of the diaspora in national development. The figure was revealed by Abike Dabiri-Erewa, Chairperson of the Nigerians in Diaspora Commission (NiDCOM), during a workshop organised by the Nigerian Institute of Social and Economic Research (NISER) in Abuja.
The workshop, themed A Six-Continent Survey of Nigerian Professionals in Diaspora: Policy Measures for Harnessing Contributions to National Development, explored how Nigeria can strategically leverage its global diaspora network for economic growth.
Harnessing diaspora contributions
Dabiri-Erewa emphasised that diaspora remittances serve as a financial backbone for many families and businesses in Nigeria. With annual inflows ranging between $17.2bn and $20bn, these funds often surpass foreign direct investment (FDI) and international aid, highlighting their crucial role in economic stability.
‘By leveraging accurate data on diaspora contributions, NiDCOM can formulate targeted policies that deepen engagement, strengthen ties with Nigeria, and maximise their economic impact,’ she said.
She commended Prof. Antonia Taiye Simbine, Director-General of NISER, for leading research on the Nigerian professional diaspora and called for continued collaboration to turn findings into actionable policies.
Strategic policies needed for diaspora investment
With over 17 million Nigerians living abroad, experts argue that their influence extends beyond remittances. Prof. Simbine stressed the need for a structured approach to integrate diaspora expertise and investments into Nigeria’s development plans.
Similarly, Gboyega Nasir Isiaka, Chairman of the House Committee on National Planning and Economy, urged government agencies to create platforms that encourage Nigerian expatriates to actively participate in economic growth.
‘Nigerians in the diaspora must not be seen as outsiders but as key development partners. Their financial contributions alone are proof of their commitment to Nigeria,’ Isiaka noted. He also referenced the Central Bank of Nigeria’s plan to issue a diaspora bond, calling it an opportunity to channel remittances into large-scale national projects.
Beyond remittances: unlocking diaspora potential
Beyond sending money home, the Nigerian diaspora plays a significant role in investment, skills transfer, and entrepreneurship. Diaspora-led businesses provide employment, while knowledge-sharing initiatives drive innovation in sectors like healthcare, technology, and education.
In recognition of this, Dabiri-Erewa proposed the establishment of a Diaspora Plaza, a hub dedicated to engaging Nigerians abroad and providing them with investment opportunities. She also highlighted ongoing efforts to secure innovative funding strategies in collaboration with the National Assembly Committee on Diaspora.
Diaspora spending boosts Nigerian economy
Diaspora contributions extend beyond remittances into direct spending within the country. Reports indicate that in December 2024 alone, Nigerians abroad spent approximately ₦60 billion ($50 million) during visits to the country. These expenditures included family support, real estate investments, business funding, and tourism-related activities, further strengthening Nigeria’s economy.
A growing economic force
Diaspora remittances are a lifeline for many developing nations, often exceeding official development assistance. In Nigeria, they provide financial stability and fuel local economies, especially in times of economic uncertainty.
As Nigeria seeks to harness the full potential of its diaspora, experts stress the importance of long-term policies, transparent investment frameworks, and stronger government engagement to ensure remittances are not just sent, but strategically utilised to drive sustainable growth.
