Abike Dabiri: Diaspora remittance was four times Nigeria’s FDI in 2021

Abike Dabiri-Erewa, chairperson of the Nigerians in Diaspora Commission (NiDCOM), says remittances from citizens abroad are now an economic factor for development, hence the term, ‘diaspora direct investment (DDI)’.

Dabiri-Erewa said this on Thursday while presenting updates on Nigerians in the diaspora at the state house in Abuja.

She said remittance from Nigerians abroad was four times the foreign direct investment (FDI) inflows recorded in 2021.

Dabiri-Erewa said FDI in 2021 was $4.8 billion while diaspora home remittance was $20 billion.

She added that the remittances account for about 6.1 percent of Nigeria’s annual gross domestic product (GDP).

“It is pertinent for Nigeria and Nigerians to know the importance of Nigerians in the diaspora because they have continued to contribute their skills and resources to the development of Nigeria in various sectors such as health, education, technology, finance, transportation, housing entertainment etc,” Dabiri-Erewa said.

“In 2021, diaspora home remittances was $20.00 billion while foreign direct investment was $4.8 billion. Diaspora home remittances, therefore, is four times our FDI and contributes about 6.1 percent of our annual GDP. Our diaspora [community] is now an economic factor for development which we have coined the term diaspora direct investment (DDI).

Dabiri-Erewa further said that the successes of the foreign policy of President Muhammadu Buhari-led administration are evident in the “caliber of human resources that Nigeria boasts of in the diaspora”.

According to her, there has been a renewed enthusiasm and admiration being accorded to Nigeria across the globe, especially “with the recent advent of eminent Nigerians heading key global organisations in the global comity of Nations.”

“The Nigerian government through the ministry of foreign affairs has so far played a critical role and provided much-needed leadership to ensure the rights of Nigerians are protected in the various countries where her citizens reside,” Dabiri-Erewa said.

She, however, stated that Nigerians abroad still face a number of challenges that require urgent government attention.