The Central Bank of Nigeria has unveiled and launched a series of engagements with Nigerians in the diaspora to optimize remittance flows into the country thereby also facilitating a boost to the nation's economy.
The apex bank informed that they are currently mapping out strategic moves to harness the economic potential of Nigeria’s diaspora, through the establishment of a combined team of the Nigeria Inter-Bank Settlement System, major Nigerian banking institutions, and International Money Transfer Operators, to engage with the Nigerian Diaspora community in Houston, Texas, United States of America during forum gatherings.
This is according to a statement released from the apex bank on Thursday.
The statement read partly that : “In a strategic move to harness the economic potential of Nigeria’s diaspora, the Central Bank of Nigeria has led a combined team of the Nigeria Inter-Bank Settlement System, major Nigerian banking institutions, and International Money Transfer Operators, to engage with the Nigerian Diaspora community in Houston, Texas, United States of America at a forum.”
While speaking during a forum in Houston, Texas, with theme : “Optimizing Remittances to Nigeria: A Vision for the Future,” the Deputy Governor of the CBN (Economic Policy), -, emphasized the bank’s commitment to enhancing remittance inflows, which play a critical role in Nigeria’s financial stability.
Delivering his remarks at the forum, Abdullahi reassured the CBN’s target to double the volume of capital inflows and diaspora remittances to Nigeria.
Speaking further, he noted that the central bank of Nigeria is committed to Strengthening the nation’s economy by building enabling environment where the private sector can thrive and generate quality jobs for Nigerians.
“strengthening macroeconomic fundamentals to create an enabling environment where the private sector can thrive and generate quality jobs for Nigerians” he said.
Abdullahi noted that the CBN’s strategy is centered around leveraging remittances to drive inclusive growth and financial inclusion, especially in an era of bold economic reforms.
Speaking further, the CBN’s Deputy Governor (Financial System Stability), Philip Ikeazor, said that diaspora remittances should be viewed not merely as a source of consumption but as a vital tool for investment in national development.
Reports show that the Nigerian diaspora constitutes a significant source of remittances to be exact: $22 billion in 2022, which is only second to Oil, hence, involving the diaspora can help leverage their financial contributions.
Many Nigerians abroad possess valuable skills, expertise, and experiences that can benefit various sectors in Nigeria, such as healthcare, education technology, and governance. Involving the diaspora allows Nigeria to tap into this pool of talent for development initiatives.
