NIGERIA IN DIASPORA

Isi Inyang - Nigeria in Diaspora
Isi Inyang – Nigeria in Diaspora

Diaspora remittances are a largely unnoticed feature of the global economy. Fluctuating exchange rates and poor infrastructures are some of the issues facing diaspora investment in Nigeria. Nigeria is the largest recipient of remittances in Sub-Saharan Africa, as a result of the population size and consequently, the size of its diaspora. The Nigerian in Diaspora has a large stake in the economic growth of Nigeria. However, their remittances are informal and its impact on the economy is not clear. Figures by the CBN, IOM, World Bank among others, show the impact is however significant. Remittances in 2017 totaled $22bn coming a close second to revenue from oil which was $26bn.This explains why, recently Nigeria‚Äôs government policies increasingly engage the Nigerian Diaspora. Diaspora entrepreneurship and investments drive economic development in the world and Nigeria is not an exception. It is worth noting that other countries such as Israel and India have properly structured bonds from which they raise money from their citizens in diaspora to fund specific projects or support their budget. The government of Nigeria may consider these practices with a view to adopting a structure in order to generate more funds and consequently more business opportunities in the country and Africa.

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