Nigerians living in the Diaspora sent $25 billion to the country in 2018, representing 83 percent of the national budget.
Speaking at the 2019 National Diaspora Day event in Abuja Thursday, Boss Mustapha, Secretary to Government of the Federation, SGF, said amount was about 6.1 per cent of the Gross Domestic Product, GDP, of the country.
Mustapha said the figures reflect the research findings in the World Bank’s Migration and Remittances report issued in April 2018 and commended them for the gesture.
The remittances to Nigeria, according to the report, reached $22 billion in 2017, a 10 percent increase on the $19.64 billion sent in 2016.
Remittances were worth 5.6 per cent of GDP in 2017, thus exceeding the $20 billion generated by Nigeria’s oil revenues.
Despite the rise in remittance inflows to Nigeria and Afica in general, the average cost for money transfers to sub-Saharan Africa remains the highest in the world.
According to Remittance Prices Worldwide (Q3 2018), the average cost to send money to Africa is 8.96 per cent, compared with a global average of 6.94 percent.
Boss Mustapha assured that monies sent were currently utilized on social security funds to families in paying school fees, feeding allowances, hospital bills, investment in housing and estate development, hospital projects, schools and commercial enterprises.
“There is urgent need to galvanise this into an investment fund for development,” the SGF stated.
He said Nigerians in diaspora, being at the cutting edge of technology and appropriately exposed at the international business community level, were the right connectors to propel government’s Economic Recovery and Growth Plan, ERGP.
The SGF said: “We, therefore, call on you to key into this and be the vanguard for its implementation. I encourage the Nigerians in diaspora to engage with Nigeria at the wider macro-economic level, especially in the organised private sector.”
Mustapha added that there was an urgent need for unity among diaspora leaders and membership at large.
“Nigeria is a diverse country. Our strength lies in the unity of our diversity. United we stand, divided we fall is a popular adage in Nigeria.
”Our diaspora population should, therefore, unite and engage with the Nigerians in Diaspora Commission, with a view to accelerating the development of Nigeria,” he said.
In her remarks, Abike Dabiri-Erewa, Chairman/Chief Executive Officer, Nigerians in Diaspora Commission, called on every Nigerians in the Diaspora to contribute to the development of the country.
“We call on every Nigerian far and near to come home and contribute to the development of our country. Let us be united, Nigerians are the most educated, vibrant, intelligent and we will continue to celebrate everyone of you, we are proud of you.
“We will continue to demand justice for the life of every Nigerian being killed abroad, not every Nigerian is a criminal,” she said.
