Senator Natasha Akpoti-Uduaghan predicts a rise in Nigeria’s $25 billion foreign inflows, emphasizing the diaspora’s contributions. She plans to enhance welfare policies, reduce remittance costs, and possibly establish a Diaspora Bank. Akpoti-Uduaghan aims to leverage technological skills of Nigerians abroad for national growth, asserting the importance of effective collaboration with stakeholders to facilitate smooth remittance channels.
Senator Natasha Akpoti-Uduaghan, recently appointed as the Chairman of the Senate Committee on Diaspora, predicts a significant increase in Nigeria’s foreign inflows, currently at $25 billion. She highlighted the essential contribution of Nigerians abroad to the nation’s economic development and pledged to enhance their welfare by improving policies that encourage their financial input.
Akpoti-Uduaghan expressed disappointment in Nigeria’s inability to exploit the technological skills of its diaspora, advocating for better governmental engagement to leverage these talents for national growth. She mentioned, “No country has received as much in foreign inflows as Nigeria in the last decade,” emphasizing that the ongoing ‘JAPA’ movement could elevate these numbers further.
She referenced data showing that by 2024, remittance flows to Sub-Saharan Africa would reach $54 billion, with Nigeria claiming approximately 35.19% of this total. Additionally, she suggested decreasing the cost of remittances from 7.5% to 3% and proposed setting up a Diaspora Bank, akin to Ghana’s model, to amplify financial inflows.
Akpoti-Uduaghan expressed confidence that her leadership would bring significant advantages to both Nigeria and its diaspora community. She intends to collaborate with relevant stakeholders to implement policies focused on facilitating seamless and affordable remittance transfers.
Nigeria currently enjoys a substantial inflow of foreign remittances, estimated at $25 billion, which has become crucial for its economic landscape. The diaspora community plays a vital role in this financial support, particularly amid the prevailing ‘JAPA’ trend, where many Nigerians are relocating abroad for better opportunities. Understanding the dynamics between the diaspora and national economy is vital, especially in formulating policies that optimize and leverage these contributions effectively. Senator Natasha Akpoti-Uduaghan’s new role stands at the intersection of diaspora engagement and economic policy, aiming to enhance the benefits derived from remittances while also focusing on the technological contributions of diaspora Nigerians. The proposed measures such as establishing a Diaspora Bank may represent strategic moves to galvanize more financial inflows.
Senator Natasha Akpoti-Uduaghan’s insights emphasize the potential for Nigeria’s foreign inflows to rise substantially, driven by its diaspora. Her commitment to addressing remittance costs and introducing a Diaspora Bank underscores a strategic approach to harnessing immigrant contributions. This initiative aims not only to improve economic welfare but also to tap into the technological acumen of Nigerians abroad, ensuring that their impact on national development is maximized.
Original Source: businessday.ng
