The Nigerians in Diaspora Commission (NiDCOM) has commended Nigerians living abroad for their contributions to the country’s economy, with monthly remittance inflows approaching $1 billion.

 

The commission said the rising inflows reflected the commitment of Nigerians in the Diaspora to national development and their confidence in the economic reforms introduced by President Bola Tinubu.

NiDCOM also noted a significant increase in diaspora investments in Nigeria in recent years, particularly in healthcare, agriculture, food processing and information and communication technology (ICT).

The commission made this known in a statement issued on Tuesday in Abuja by its Director of Media, Public Relations and Protocols, Abdur-Rahman Balogun.

It described the removal of fuel subsidy and unification of the foreign exchange market as difficult but necessary decisions aimed at correcting longstanding economic distortions.

Although the reform process had presented challenges over the past three years, the commission identified Nigeria’s external reserves, which it said were approaching $60 billion, and rising remittance inflows as encouraging developments.

According to NiDCOM, diaspora investments are helping to sustain businesses, create employment and introduce valuable expertise into the Nigerian economy.

To attract more investments from Nigerians abroad, the commission said it had continued to engage diaspora communities through initiatives such as the annual National Diaspora Day celebrations and the Nigerian Diaspora Investment Summit.

It added that the recently held Nigeria Diaspora Economic Conference (NIDEC) in Canada provided an opportunity for Nigerians abroad to explore investment opportunities, establish business relationships and discuss ways to channel more diaspora resources towards economic growth.

The Chairperson and Chief Executive Officer of NiDCOM, Hon. Abike Dabiri-Erewa, commended Nigerians in the Diaspora for supporting their families and investing in their homeland despite the economic challenges of recent years.

She urged them to sustain the contributions, noting that remittances and investments continued to support households, keep businesses operational and create opportunities for more Nigerians.

The commission said it would continue to collaborate with relevant stakeholders to strengthen engagement with diaspora communities and improve the environment for investment in Nigeria.

It expressed optimism that sustained economic reforms and increased private sector participation would encourage more Nigerians abroad to bring their skills, ideas and resources into the country.