Nigerians in Diaspora remitted about N7.519 trillion ($20.8bn) in 2015 to either finance developmental project or assist family members.
Aderanti Adepoju, a professor and coordinator of Network of Research on Africa (NORMA), stated this at a stakeholder consultation on enhancing remittance contributions for national development held in Lagos.
Adepoju said the flow of remittances had become a topical issue in development circles because of the sheer volume of money remitted by the Diaspora to developing countries through formal and informal networks every year.
He said of the estimated $66 billion remitted to Africa, Nigeria (the sixth largest remittance-receiving country in the world and largest recipient of remittances in sub-Saharan Africa) topped recipient countries attracting about $20.8 billion from its nationals in 2015.
According to the professor, this figure is known to have been received through official channels, and the figure could be double considering that there are other indirect ways used in remitting money into the country.
There is need for timely policy interventions with effective result-oriented implementation so as to realised benefit from remittances, he said, while stressing the need for more effort in promoting the effective use of migrants’ remittances for domestic investment efforts.
Tunde Fadayomi, also a professor and acting vice chancellor, Elizade University, on his part called on African leaders to show concern on the plight of emigrants as this may have effect on remittance into the country.
“I believe that this concern should find a bold expression in Africa’s foreign relations, diplomacy and international cooperation. Besides African leaders, should show more interest through their embassies in the conditions of work and living of their emigrants, their adjustment challenges and the state of their families and obligations.”
Dennis Zulu, a director with the International Labour Organisation (ILO), said remittances were crucial in reducing the poverty headcount ratio and fostering development. He urged government to come up with innovative policies, programmes and tools that would help maximise the potential of remittances.
Adepoju further explained that the stakeholder forum was geared towards determining the way forward and developed a road map for more effective use of remittances from the Diaspora.
He listed other key issues to be addressed at the forum to include, how remittances were sent, received, recorded and channels to rural communities using information technology – mobile banking facilities; financial incentives for Diaspora to invest more productively in national development through Diaspora bond, Diaspora bank (India, China, Kenya) – NOMRA will explore how these experiences can be replicated and/or enhanced in the Nigerian context amongs others.
JOSHUA BASSEY
