- The Nigerian Diaspora Commission has said diaspora’s remittances exceeded $90 billion in five years
- NiDCOM said Nigerians living abroad spent N60 billion during their visits in December 2024
- It called for harnessing the potential of Nigeria’s diaspora community
The Chairman of the Nigerian Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, said remittances from the diaspora have exceeded $90 billion in the past five years.
This is even as she noted that Nigerians in the diaspora spent about N60 billion during their visits to the country in December 2024.
Dabiri-Erewa stressed the contribution to national and economic development by Nigerians living abroad during her defence of the NiDCOM’s 2025 budget before the National Assembly Joint Committee on Diaspora, on Thursday, January 16.
She said, “We have 17 million Nigerians abroad. How much has this contributed to the growth of the economy? In the last five years, remittances alone have exceeded $90 billion.
“In December, the amount spent coming to Nigeria was not less than N60 billion. This could grow, but we are just scratching the surface.”
Harnessing Nigeria’s diaspora potential
The NiDCOM’s chair also stressed the need to harness the potential of Nigeria’s diaspora presence and the resources it offers.
She also called on Nigerians living abroad to help improve the country’s image and be good ambassadors of the country.
Dabiri-Erewa said, “We’ve reached a stage where the diaspora has proven to be a powerful resource, and we cannot ignore them.
“They are the number one ambassadors of our country. They will help us change the narrative of Nigeria.
“In fact, all over the world, everyone now wants to have a Nigerian as a friend. Let’s seize this moment. We can take over the world, and we will.”
She also disclosed the interest and eagerness of Nigerians in the diaspora to invest in the country and contribute to the economic development of the country.
“I hosted many Nigerians in December. My house turned into a hosting venue. These young Nigerians have money to invest, and they are eager to do so. Some are engaging in local businesses. One of the most impressive projects we’re working on involves training young people in digital technology.
“We haven’t formalised this yet, but we will this year, so we can fully appreciate what the diaspora has done,” she said.
Diaspora voting requires preparation – Umeh
Meanwhile, the Chairman of the Senate Committee on Diaspora, Senator Victor Umeh, stated that diaspora voting requires preparation before it can be implemented.
Umeh added that Nigeria’s electioneering process needs to be improved before diaspora participation is allowed.
He noted that NiDCOM is making efforts to capture accurate data on Nigerians living abroad to ensure reliable voting information in the future.
Umeh said, “It’s a question I addressed in Canada and South Africa, where I met Nigerians. We must get properly organised before we open up to people voting from outside Nigeria. Let us manage our own elections at home first, before we add diaspora voting.
“If you are not prepared with your data that is reliable, you can finish all the elections in Nigeria, and you say, I am waiting for votes that will come from America. Somebody will throw three million votes from there, or from Asia, and before you know it, the courts will not have peace.
“Once we have reliable data, we can allow diaspora voting. But we need to be confident in our systems first.”
Improved diaspora remittances
Diaspora remittances have seen improvements in recent months.
The Central Bank of Nigeria, in December 2024, disclosed that diaspora remittances processed through International Money Transfer Operators (IMTOs) reached $3.82 billion between January and September 2024.
The amount is almost double the $2.62 billion recorded during the same period in 2023.
To boost and attract investments from Nigerians living abroad, the CBN, on January 10, introduced the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA).
The CBN said these accounts aim to streamline remittances, encourage investments, and foster financial inclusion among Nigerians in the diaspora.
The introduction of the accounts followed a meeting in October 2024, where the CBN led a team to engage with the Nigerian Diaspora community in Houston, Texas, United States, to foster strategies that will enhance remittance flows and strengthen Nigeria’s financial sector.
Following the engagement, the CBN announced plans to unveil the Non-Resident Bank Verification Number (NRBVN) by December of 2024 to enable Nigerians living abroad to complete their KYC processes remotely.
NiDCOM rejects proposal to tax diasporans $500
Meanwhile, TheRadar earlier reported that the Nigerian Diaspora Commission (NiDCOM) rejected the proposal to impose a $500 tax on Nigerians and tourists returning home during festive seasons.
NiDCOM’s Director of Media, Public Relations, and Protocols, Abdur-Rahman Balogun, in a statement on Wednesday, January 15, said the proposal would hamper efforts to encourage Nigerians in the diaspora to return home and to invest in the country.
