From Juliana Taiwo-Obalonye, Abuja
Remittances from Nigerians abroad are approaching $1 billion monthly, with diaspora investments also rising in key sectors, the Nigerians in Diaspora Commission (NiDCOM) has said, describing the trend as an encouraging sign amid the country’s economic reforms.
The commission commended Nigerians abroad for sustaining financial support to their families and investing in the country despite prevailing economic challenges.
In a statement on Tuesday issued by the Director of Media, Public Relations and Protocols, Abdur-Rahman Balogun, NiDCOM acknowledged the removal of the petrol subsidy and unification of the foreign exchange market under President Bola Tinubu as difficult but necessary measures to address longstanding economic distortions.
“While the road taken over the last three years has not been easy, Nigeria’s external reserves, now approaching $60 billion, and rising remittance inflows are encouraging developments,” the commission said.
Beyond remittances, NiDCOM said diaspora investments had grown in recent years, particularly in healthcare, agriculture, the food industry and information and communication technology (ICT), supporting businesses, creating jobs and transferring expertise.
The commission’s Chairperson and Chief Executive Officer, Abike Dabiri-Erewa, urged Nigerians abroad to sustain their contributions, noting that their remittances and investments help households, keep businesses running and create economic opportunities.
NiDCOM said it was promoting diaspora investment through the annual National Diaspora Day celebrations, the Nigerian Diaspora Investment Summit and the recently held Nigeria Diaspora Economic Conference in Canada.
The platforms are intended to connect potential investors with business opportunities and encourage more diaspora resources to flow into Nigeria.
The commission pledged to work with relevant stakeholders to ease investment barriers and strengthen engagement with Nigerians abroad, expressing optimism that sustained reforms and greater private sector participation would attract more capital, skills and expertise.