The Nigerians in Diaspora Commission (NiDCOM) has commended Nigerians living abroad for sustaining remittances and investments into the domestic economy, with monthly inflows approaching $1 billion.
The commission said the rising inflows reflected the diaspora community’s commitment to Nigeria’s economic development and confidence in the reforms introduced by President Bola Tinubu’s administration.
In a statement on Tuesday, NiDCOM also noted that the country’s external reserves were approaching $60 billion, describing the developments as encouraging signs despite the economic challenges Nigeria had faced over the past three years.
The commission acknowledged that the removal of the petrol subsidy and the unification of the foreign exchange market were difficult but necessary policy decisions aimed at addressing longstanding economic distortions.
NiDCOM also said Nigerians abroad were increasing investments in key sectors, including healthcare, agriculture, food processing and information and communication technology (ICT).
According to the commission, these investments support businesses, create jobs and facilitate the transfer of valuable skills and expertise into the Nigerian economy.
Abike Dabiri-Erewa, the chairperson and chief executive officer of NiDCOM, praised Nigerians in the diaspora for continuing to support their families and invest in the country despite recent economic difficulties.
She urged them to sustain their contributions, noting that remittances and investments from Nigerians abroad help households meet their needs, keep businesses operating and create economic opportunities for more Nigerians.
The commission said it was engaging diaspora communities through initiatives such as the annual National Diaspora Day celebrations, the Nigerian Diaspora Investment Summit and the recently held Nigeria Diaspora Economic Conference in Canada.
NiDCOM said the platforms provide opportunities for Nigerians abroad to identify investment prospects, establish business partnerships and channel more resources into the domestic economy.
The commission added that it would continue working with relevant stakeholders to strengthen engagement with diaspora communities and ease investment processes.
It expressed optimism that sustained economic reforms and increased private sector participation would encourage more Nigerians abroad to bring their skills, ideas and financial resources into the country, supporting domestic investment and economic development.
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