Empowering Nigerians in the Diaspora

The Challenge

“There are approximately 15 million Nigerians living in the diaspora” – Abike Dabiri (Senior Special Assistant to the President on Foreign Affairs and The Diaspora) 2017)

In the last 4 years, over $100bn has entered the Nigerian economy from the Nigerians in diaspora.

The inflows are typically focused on Educational, Living and Health expenses alongside a significant % targeted at the Real Estate/Property Sector.

Nigerians in the Diaspora however face major challenges with respect to funds targeted at investing in the local Nigerian and Africa economies. 

  • Who to trust for appropriate advice
  • Who to guide the process of choosing the right partners
  • Who to avoid
  • Who to handle regulatory and legal requirements
  • Who to go to

Despite interventions by several local and international organisations, these challenges remain unresolved and limit the inflow of significant funding to grow the Nigerian economy

...The secret of business is to know something that nobody else does- Aistotle Onassis

2015

$21000000000

2016

$20000000000

2017

$22000000000

2018

$25000000000

  • The inflow of remittances by Nigerians in Diaspora rose to an estimated $25 billion in 2018, making it the highest in sub-Saharan Africa making Nigeria one of the top five nations with high remittance inflows globally.
  • The level of diaspora remittance to Nigeria represents 6.1 percent of Gross Domestic Product (GDP), and translates to 83 percent of the federal government budget in 2018. Revealed by a report titled ‘Nigeria Economic Outlook-top 10 themes to watch out for in 2019’.
  • The leading countries worldwide by the value of migrant remittances into Nigeria are the United States of America, Switzerland, Germany, Russia and China
  • Nigeria’s 2018 migrant remittance inflow was also seven times larger than the net official development assistance (foreign aid) received in 2017 of $3.359 billion and 11 times the Foreign Direct Investment (FDI) flows in the same period last year.

 

Remittance

Year

$14.64 billion

2005

$16.93 billion

2006

$18.014 billion

2007

$19.203 billion

2008

$18.368 billion

2009

$19.745 billion

2010

$20.617 billion

2011

$20.543 billion

2012

$20.797 billion

2013

$20.806 billion

2014

$21.158 billion

2015

$19.679 billion

2016

$22.001 billion

2017

 

Population Growth


The PWC 2019 report noted that Nigeria is projected to add no fewer than 200 million people to its current population of 196 million between 2018 and 2050 and the country’s population is expected to surpass that of the United States and is currently ranked the third most populous in the world by 2050.

“The last population census in Nigeria was held in 2006, over a decade ago. Assessing Nigeria’s current growth rate necessitates the occurrence of another major census to gauge the actual growth rate and enable critical strategic decisions to be made regarding population-related issues such as housing, food supply, and employment, among others.”