By Fatima Saka
The Nigerians in Diaspora Commission (NiDCOM) has attributed rising diaspora remittances and investments to growing confidence in Nigeria’s economic reforms, saying monthly inflows are approaching $1 billion.
The commission said the contributions of Nigerians living abroad remained vital to sustaining households, supporting businesses, creating jobs and strengthening the country’s economic development.
NiDCOM disclosed this in a statement issued on Tuesday in Abuja by its Director of Media, Public Relations and Protocols, Abdur-Rahman Balogun.
The commission also commended Nigerians in the diaspora for increasing their investments in key sectors, including healthcare, agriculture, food production and information and communication technology (ICT).
According to NiDCOM, these investments are helping to create employment opportunities, expand businesses and introduce valuable skills and expertise into the Nigerian economy.
The commission acknowledged that the removal of fuel subsidies and the unification of the foreign exchange market by President Bola Ahmed Tinubu were difficult but necessary measures to address longstanding economic distortions.
It noted that although the economic adjustment process over the past three years had been challenging, Nigeria’s external reserves, approaching $60 billion, and rising diaspora remittances were encouraging developments.
The commission said sustained engagement with Nigerians abroad remained essential to attracting more investments and directing diaspora resources towards national development.
It identified the annual National Diaspora Day celebrations and the Nigerian Diaspora Investment Summit as platforms through which it engages Nigerians abroad and promotes investment opportunities at home.
NiDCOM also highlighted the recently held Nigeria Diaspora Economic Conference (NIDEC) in Canada, which brought Nigerians together to explore investment opportunities, establish business relationships and discuss ways to channel more diaspora resources into Nigeria’s economic growth.
The Chairperson and Chief Executive Officer of NiDCOM, Hon. Abike Dabiri-Erewa, commended Nigerians abroad for continuing to support their families and invest in their homeland despite the economic challenges of recent years.
Dabiri-Erewa urged them to sustain their contributions, noting that remittances and investments were helping households meet their needs, keeping businesses operational and creating opportunities for other Nigerians.
She reaffirmed the commission’s commitment to working with relevant stakeholders to strengthen engagement with Nigerians in the diaspora and remove barriers that could discourage investment in the country.
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NiDCOM expressed optimism that sustained economic reforms and increased private-sector participation would encourage more Nigerians abroad to bring their ideas, expertise and financial resources into the country.
The commission maintained that stronger diaspora engagement could further support Nigeria’s economic growth by expanding investment, stimulating enterprise and creating employment opportunities.
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