The Nigerians in Diaspora Commission (NiDCOM) has commended Nigerians living abroad for boosting the country’s economy through remittances and investments, with monthly inflows approaching $1 billion....
The Nigerians in Diaspora Commission (NiDCOM) has commended Nigerians living abroad for boosting the country’s economy through remittances and investments, with monthly inflows approaching $1 billion.
The commission said the rising inflows reflected the diaspora community’s commitment to national development and confidence in the economic reforms introduced by President Bola Tinubu’s administration.
In a statement on Tuesday, NiDCOM also noted that Nigeria’s external reserves were approaching $60 billion, describing the developments as encouraging signs despite the economic challenges of the past three years.
It acknowledged that the removal of the petrol subsidy and the unification of the foreign exchange market were difficult but necessary decisions to address longstanding economic distortions.
Beyond remittances, the commission said Nigerians abroad had increased investments in key sectors, including healthcare, agriculture, food processing and information and communication technology.
According to NiDCOM, the investments support businesses, create jobs and bring valuable expertise into the country.
The Chairperson and Chief Executive Officer of NiDCOM, Abike Dabiri-Erewa, praised Nigerians in the diaspora for continuing to support their families and invest in their homeland despite recent economic difficulties.
She urged them to sustain their contributions, noting that their remittances and investments help households, keep businesses running and create opportunities for more Nigerians.
To attract further investments, 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.
The platforms provide opportunities for Nigerians abroad to explore investment prospects, establish business partnerships and channel more resources into the domestic economy.
NiDCOM said it would continue working with relevant stakeholders to strengthen engagement with diaspora communities and ease investment processes.
The commission expressed optimism that sustained economic reforms and increased private sector participation would encourage more Nigerians abroad to bring their skills, ideas and resources into the country.