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…Nigeria remittances double over 15-year period to $34.89bn in 2024
…As a book unlocking Africa’s economy launched in Abuja
A public presentation of a book ‘titled, “the Migration Paradox”, the contributions of diaspora remittances and trade to economic growth and development in emerging Africa has been launched in Abuja, the Nation’s capital, in partnership with the International Trade Facilitation Association (ITFA).
The 500 page book of 22 chapters, written by Abel Owotemu, took about five years of intensive research development interaction with the diaspora, which significantly unlocks Africa’s economic future.
The book launch was in commemoration of the International Day of Family Remittances, an annual event observed every June 16.
Owotemu along with a contributing Author, Ayo Ibaru, provides insightful analysis, data and interactive information on the impact and benefits of migration on economic growth and development across Africa, with focus on trade, creative industry, technology, finance education, healthcare, cultural advancement, religion, political philosophy, youth development among others.
Abel Owotemu, the lead author of the book, who gave insight to Businessday, after the book launched in Abuja, stated that, the book “offers a nuanced exploration of the complex relationship between migration, remittances, trade, and development in Africa.
“According to the World Bank, remittances to low- and middle-income countries reached $550 billion in 2019, with sub-Saharan Africa receiving $48 billion in 2020. Nigeria alone accounted for over a third of these inflows, with $17 billion in remittances representing 6.1% of the country’s GDP in 2020.
Owotemu, also provided a comprehensive analysis of the role of remittances in household economies and their macroeconomic effects on African countries, noting that “remittances have been a vital source of income for many African households, supporting consumption, investment, and economic growth.”
He emphasized that “Nigerians and Africans in the diaspora have been instrumental in proposing institutionalized models for doing business across Africa and have supported the country’s first $300 million diaspora bond issuance as a successful case.
“The book highlights significant migration trends, including the number of international migrants worldwide standing at over 300 million in 2020, with over 20 million emigrants from Nigeria in the diaspora. Remittances to Nigeria are expected to double over a 15-year period, from $18.37 billion in 2009 to $34.89 billion by 2026,” he said.
Owotemu, therefore advocated for structured markets that create open, trusted and innovative economies for the free flow of capital and labour.
In the book, the lead author, however introduced the “Migration Paradox Policy Framework,” which proposes global migration governance, diaspora inclusion, and remittance facilitation as key strategies for managing migration flows, protecting migrant rights, and promoting development benefits.
“The International Trade Facilitation Association (ITFA), who also collaborated towards the Migration Paradox Project, praised the book’s timely publication, saying it is a must-read for policymakers, researchers, and anyone interested in understanding the complex dynamics of migration, remittances, and development in emerging Africa,” he said.
