Central Bank of Nigeria’s Governor, Dr. Godwin Emefiele has said Nigerians abroad are not doing enough to help revamp the country’s economy. He added that the diaspora financing was not encouraging, as Nigerians abroad criticize without offering workable solutions to the country’s economic challenges.
Emefiele, who was represented by the Deputy Governor, Operations, Suleiman Baru, made this known at a presentation, to the Senior Executive Course of National Institute for Policy and Strategic Studies (NIPSS) on Friday.
He noted that investment in Science, Technology and Innovation held the key to the economic progress and development of any Nation.
The CBN Boss stated that development worldwide was largely driven by the ability to develop, distribute and exploit intelligence, to achieve competitive edge, create wealth and improve the welfare of citizenry.
Some of the participants, told the CBN that Nigerians in the Diaspora do not contribute to the economy because Nigeria does not have a structured and workable system. One of the participants, stated that the CBN should handle such investments so that investors will not be affected by new Government policies.
Remittance of Nigerians living abroad
Nigerians in the diaspora remitted $77.06bn to the economy in five years. The remittances were made in bits for 2005, 2007, 2008, 2012 and 2013.
World Bank data shows that Nigerians living abroad remitted about $20.77bn, in 2015.
Senior Special Assistant, to the President on Foreign Affairs and the Diaspora, Mrs. Abike Dabiri-Erewa said remittance from Nigerians living abroad, to the economy in 2016 was $35bn.
NEPC Project and Nigerians in Diaspora
In August, the Executive Director of NEPC, Mr. Olusegun Awolowo, said Nigeria will embark on a project called Nigeria Diaspora Export Programme (NDEX), to help Nigerians in the Diaspora grow the local economy. The project was divided into three components.
One of the components was based on the premise that the import demand pull exerted by Nigerians in Diaspora in the form of their continued consumption of non-oil exports from Nigeria, is a significant business which can be better organised and promoted.
The other was the establishment of Nigerian Cuisine beyond Borders, and its aim was to set up world class and unified standards for Nigerian cuisine across the world.
The last component was designed to encourage Nigerians abroad to participate in deepening the export value chain in Nigeria, especially in textiles, solid minerals, manufactured goods and agriculture through their involvement.
Under the programme, Federal Government planned to assist interested Diaspora SMEs with technical assistance, in order to build the capacity for export, through the Export Development Fund (EDF) window.
Federal Government plans to achieve the NDEX and implement the project through Public Private Partnership (PPP), with Nigerians abroad participating fully.
