Dr. Abike Dabiri-Erewa, the Chief Executive Officer of the Nigerians in Diaspora Commission (NIDCOM), highlighted that diaspora remittances are Nigeria’s largest source of foreign exchange. She made this statement during a lecture at Afe Babalola University in Ado Ekiti on Saturday, as part of the institution’s 12th convocation ceremonies.
Speaking on “Diaspora Engagements for National Development,” Dabiri-Erewa emphasized the crucial role Nigerians abroad play in the country’s economy. She noted that diaspora citizens are actively contributing to various sectors, either as individuals or through group initiatives. According to her, these commercial activities amount to millions of dollars, positively impacting Nigeria’s gross domestic product (GDP) and supporting national development.
The NIDCOM CEO also pointed out that diaspora remittances surpass oil revenues in contributing to Nigeria’s GDP. She referenced data from the Central Bank of Nigeria (CBN), revealing that in July 2024, the country received $553 million in diaspora remittances—the highest ever recorded.
Dabiri-Erewa’s remarks underscore the importance of engaging the Nigerian diaspora community to boost economic growth and development. She praised their efforts in areas such as healthcare, education, and business, and encouraged the government to continue fostering policies that harness the potential of Nigerians abroad.
As Nigeria navigates its economic challenges, the contributions from its diaspora remain a vital source of stability and growth, demonstrating the power of international collaboration and national unity.
I dont buy it! I think there are other major sources of foreign exchange for Nigeria. Lets dig deeper.
Actually, oil is Nigerias main source of foreign exchange. Maybe do some research before commenting.
Im not convinced that diaspora remittances are really the leading source of foreign exchange for Nigeria. What about oil revenue?
Diaspora remittances surpass oil revenue for Nigeria. Look beyond traditional sources for economic growth.
I think instead of relying on remittances, Nigeria should focus on developing internal resources for sustainable economic growth.
Remittances are vital for many families. Internal development and remittances can work together for growth.
I think we should tax diaspora remittances to boost the local economy. Lets keep the money flowing in Nigeria!
I dont buy it. I think the government is inflating the importance of remittances. There are other crucial sources of foreign exchange too.
I dont buy it! Diaspora remittances are overrated. Nigeria should focus on boosting local industries for real economic growth.
I disagree, remittances create dependency. Nigeria should focus on developing internal resources for sustainable growth.
I think we should tax diaspora remittances to encourage more investment within Nigeria. Its time for a bold economic strategy!
I think we should tax remittances to boost the economy. Its only fair that those sending money back home contribute more.
I think the focus on remittances overlooks the bigger issue of Nigerias over-reliance on foreign exchange. Time for a new economic strategy!
I dont buy it. Remittances cant be the leading source of foreign exchange for Nigeria. What about oil exports? Seems fishy.
I believe diaspora remittances shouldnt be relied on as Nigerias main source of foreign exchange. We need diverse revenue streams.
I dont buy the hype about diaspora remittances being Nigerias savior. We need to focus on sustainable economic growth.
I dont buy it! How can remittances be the leading source of foreign exchange? Seems fishy to me. #Skeptical 🤔
Remittances are a crucial lifeline for many families worldwide. Dont dismiss their impact. #SupportFacts
I dont buy the hype about remittances being Nigerias savior. We need sustainable solutions, not just relying on money from abroad.
I dont think relying on diaspora remittances is sustainable. Nigeria should focus on developing other sources of foreign exchange.
I dont buy it! I think the government is hiding something about these remittances. What do you all think?
Youre just spreading conspiracy theories. Theres no evidence to support your claim.
I dont buy it! Diaspora remittances cant be the leading source of foreign exchange for Nigeria. What about oil revenue? Sounds fishy to me.
I dont get why everyones so hyped about remittances. Cant we focus on boosting local economy instead?
I think we should tax diaspora remittances to boost local economy. Its only fair since they benefit from our infrastructure.
Taxing remittances punishes hardworking individuals supporting their families back home. Its unjust and counterproductive.
I think diaspora remittances are overrated. Nigeria should focus on boosting local industries for sustainable economic growth.
I disagree, why rely on remittances when Nigeria has so much potential for other sources of foreign exchange? Lets explore new options!
I dont buy it! Diaspora remittances as Nigerias leading source of foreign exchange? Sounds fishy to me. What about oil revenues? 🤔
Remittances are a significant source of foreign exchange. Oil revenues are volatile and not as reliable.
I think Nigeria should stop relying on diaspora remittances and focus on developing local industries for sustainable growth.
I dont buy it! Remittances cant be that significant. Maybe the numbers are cooked up to make Nigeria look good.
I think Nigeria should stop relying on Diaspora remittances and focus on developing other sources of foreign exchange. Lets diversify!
I dont buy it. Diaspora remittances are great, but can we really rely on them as Nigerias leading source of foreign exchange?
Diaspora remittances are volatile. Nigeria needs diverse revenue streams for economic stability.
I dont buy the hype about diaspora remittances being Nigerias savior. Lets focus on sustainable economic growth instead.
I dont buy it! Diaspora remittances are overrated. Nigeria should focus on boosting local industries for sustainable foreign exchange.
Why do we rely on remittances when Nigeria has so many resources? Shouldnt we focus on developing our own economy instead?
I think we should tax remittances to encourage investment in Nigeria instead of relying on them as the main source of foreign exchange.
I dont buy it! There must be more to Nigerias foreign exchange than just remittances. What about exports and investments?
I think Nigeria should invest more in local industries instead of relying heavily on diaspora remittances. Lets boost our economy from within!
I think Nigeria should stop relying on diaspora remittances and focus on developing other sustainable sources of foreign exchange.