The Nigerians in Diaspora Commission, NiDCOM, has said monthly remittance inflows from Nigerians abroad are approaching $1 billion, describing the development as a boost to the economy and a reflection of growing confidence in Nigeria’s economic reforms.
The commission also highlighted rising diaspora investments in healthcare, agriculture, food processing and information and communication technology, noting that such contributions are helping to support businesses, create jobs and transfer valuable expertise to the country.
NiDCOM’s Director of Media, Public Relations and Protocols, Abdur-Rahman Balogun, said the commission remained encouraged by the resilience of Nigerians abroad and their willingness to support the country despite economic challenges in recent years.
He said the removal of fuel subsidy and the unification of the foreign exchange market under President Bola Tinubu were difficult but necessary decisions to address longstanding economic distortions.
Balogun added that Nigeria’s external reserves, now approaching $60 billion, alongside rising remittance inflows, were encouraging signs, although the adjustment process had not been easy.
Beyond sending money to support families, Nigerians in the diaspora have increasingly channelled investments into strategic sectors, including healthcare, agriculture, the food industry and ICT.
According to the commission, these investments are contributing to economic activity through business expansion, employment generation and the introduction of skills and expertise.
NiDCOM said it was sustaining engagement with Nigerians abroad through initiatives such as the annual National Diaspora Day celebrations and the Nigerian Diaspora Investment Summit to encourage further investments.
It also cited the recently held Nigeria Diaspora Economic Conference in Canada as a platform for Nigerians to explore investment opportunities, establish business relationships and discuss ways to channel more diaspora resources into national development.
The Chairperson and Chief Executive Officer of NiDCOM, Abike Dabiri-Erewa, commended Nigerians abroad for continuing to support their families and invest in their homeland despite recent economic difficulties.
She urged them to sustain their contributions, saying remittances and investments were helping households, keeping businesses operational and creating opportunities for more Nigerians.
The commission said it would continue working with relevant stakeholders to strengthen engagement with the diaspora and improve the investment environment for Nigerians seeking to bring their ideas, skills and resources home.
It expressed optimism that sustained reforms and increased private sector participation would encourage more Nigerians abroad to invest in the country’s economic growth.
