NiDCOM says diaspora remittances now close to $1bn a month
- NiDCOM says Nigerians abroad now send home close to $1 billion every month.
- The commission credited the rise to reforms including petrol subsidy removal and forex unification.
- It also said diaspora money is going into healthcare, farming, food and technology.
Nigerians living abroad now send home close to $1 billion every month, the Nigerians in Diaspora Commission (NiDCOM) said on Tuesday. The commission praised them for keeping families and businesses going despite the country's economic troubles.
NiDCOM said the money is not only for family upkeep. Nigerians abroad are also putting capital into healthcare, agriculture, food production and information and communication technology (ICT), according to the commission. It said these investments are helping businesses stay afloat, creating jobs and bringing technical skills into the country.
The statement was signed by Abdur-Rahman Balogun, NiDCOM's Director of Media, Public Relations and Protocols.
Reforms praised, with a caveat
The commission described two policies of President Bola Tinubu's government as hard but necessary. They are the removal of the petrol subsidy and the unification of the foreign exchange market. NiDCOM said the last three years have not been easy for many Nigerians, but it pointed to encouraging signs, including external reserves now approaching $60 billion alongside the rising remittances.
NiDCOM Chairperson and Chief Executive Officer Abike Dabiri-Erewa urged Nigerians abroad to keep contributing. She said their money and their businesses remain vital in keeping households afloat and opening new opportunities at home.
For an ordinary Nigerian, the figure matters because remittances are one of the country's biggest sources of foreign exchange. That money helps families pay school fees, rent and hospital bills, and it supports small businesses that depend on relatives abroad.
What happens next
NiDCOM said it will keep working with government agencies and private partners to remove bottlenecks that make investing in Nigeria difficult. It also plans to sustain its engagement platforms, including the annual National Diaspora Day, the Nigerian Diaspora Investment Summit and the recent Nigeria Diaspora Economic Conference held in Canada. The commission said it hopes sustained reforms and more private sector involvement will draw in more capital, skills and expertise.
