The Nigerians in Diaspora Commission (NiDCOM) has disclosed that monthly remittance inflows from Nigerians living abroad are approaching $1 billion, commending them for their contributions to the country’s economy.
The commission said the growing inflows demonstrate the commitment of Nigerians in the diaspora to supporting their families and contributing to national development.
In a statement signed on Tuesday by its Director of Media, Public Relations and Protocols, Abdur-Rahman Balogun, NiDCOM also highlighted the increasing investments made by Nigerians abroad in various sectors of the domestic economy.
The agency acknowledged that economic reforms introduced by President Bola Tinubu’s administration, including the removal of the petrol subsidy and the unification of the foreign exchange market, had placed significant pressure on citizens.
However, it maintained that the measures were necessary to address longstanding economic challenges.
According to the commission, despite the difficulties experienced by Nigerians over the past three years, there are indications of progress, including rising diaspora remittances and foreign reserves reportedly approaching $60 billion.
NiDCOM noted that diaspora contributions extend beyond financial transfers to relatives, as many Nigerians living abroad are investing in critical sectors such as healthcare, agriculture, food production and technology.
It said these investments support local businesses, create employment opportunities for young Nigerians and facilitate the transfer of technical knowledge and expertise into the country.
To encourage further contributions, the commission said it would continue to strengthen engagement with Nigerians abroad through initiatives such as the National Diaspora Day and the Nigerian Diaspora Investment Summit.
It also cited the recent Nigeria Diaspora Economic Conference held in Canada, where participants explored ways to attract more private investment into Nigeria.
The Chairperson and Chief Executive Officer of NiDCOM, Abike Dabiri-Erewa, commended Nigerians abroad for continuing to support their families and the country despite economic pressures in their host nations.
Also Read: BREAKING: FG identifies 44 contacts as Ebola enters Nigeria
Dabiri-Erewa urged them to sustain their contributions, noting that remittances and diaspora-led businesses play an important role in supporting households and creating economic opportunities.
The commission further assured that it would continue collaborating with relevant government agencies and private-sector partners to address obstacles facing diaspora investors and make investing in Nigeria easier for citizens living abroad.
