Nigerians in diaspora repatriate N7.519 trillion to Nigeria for finance development

The Coordinator, Network of Research on Africa (NORMA), Prof. Aderanti Adepoju, at a stakeholder consultation on enhancing remittance contributions for National development held in Lagos on Tuesday said Nigerians in Diaspora have repatriated about N7.519 trillion ($20.8billion) into either finance developmental project or to assist family members.
Adepoju said Nigeria is the sixth largest recipient of the remittance in Africa, and the figures were received through official channels. He urged the Government to implement policies that will enable the effective use of the remittance from migrants for domestic investments.

“Of the estimated 66 billion USD remitted to Africa, Nigeria (the sixth largest remittance-receiving country in the world and largest recipient of remittances in Sub-Saharan Africa) topped recipient countries with about $20.8 billion from its nationals in 2015,” he said.
The NORMA coordinator, also listed key issues to be addressed at the forum which include; how remittances are sent, received, recorded and channeled to rural communities using information technology such as mobile banking facilities and financial incentives from Diasporas, to invest more productively in national development through diaspora bond.

NOMRA, will explore how Diaspora banks policy and experiences such as India, China and Kenya among, can be replicated or enhanced in the Nigerian context, he said.

Acting Vice chancellor, Elizade University, Professor Tunde Fadayomi alongside the Director, International Labour Organisation (ILO), Mr. Dennis Zulualso who were at the event had these to say:
According to Zuluaalso, ”Remittance can play a key role in eradicating Poverty in Nigeria and also help sustain our developmental goals, while urging Government official to introduce and implement policies that will enable the effective use of the remittance receive from migrants.”
While Fadayomi said, “I believed that this concern should find a bold expression in Africa’s foreign relations, diplomacy and international cooperation. Besides, African leaders should show more interest through their embassies in the working and living conditions of their emigrants, as well as their adjustment challenges and the state of their families and obligations.”