Nigerians abroad remitted $20.77bn in 2013, says ministry

Remittances from Nigerians abroad in 2013 totalled  $20.77bn, the federal ministry of finance disclosed on Tuesday .

It also said the value of remittances in the first half of 2014 was $10.40bn.

Mr Paul Nwabuikwu, the special adviser to the minister of finance and coordinating minister of the economy, made the disclosure in an electronic message, saying that a high level executive-legislative team was at the time holding a series of interactive sessions with Nigerians in Europe and the United States in response to the long-standing desire of the Nigerian Diaspora to support economic development in the country.

Nwabuikwu added that the sessions were being organised by the Debt Management Office, led by its director-general, Dr Abraham Nwankwo.

“The delegation is headed by the coordinating minister for the economy and minister of finance, Dr Ngozi Okonjo-Iweala and includes key members of relevant committees in the national assembly,” he said.

The members of the national assembly involved are Senator Ahmed Makarfi, chairman, senate committee on finance; Senator E. Uzamere, chairman, senate committee on local andforeign debts; Senator Ita Enang, chairman, senate committee on appropriation; Honourable Adeyinka Ajayi, chairman, house committee on aid, loans and debt management; Honourable Famurewa Ajibola Israel, house committee on diaspora; Honourable Abdulrahman Terab, house committee on finance; and Honourable Emmanuel David Ombugadu, house committee on appropriation.

“It will be recalled that Nigerians in the Diaspora have been seeking ways and means to contribute more to the country’s development,” he said.

“This interest is backed by substantial capacity: the value of remittances from Nigerians abroad in 2013 was $20.77 billion; for the first half of 2014, it is $10.40 billion. This includes contributions through remittances to their families, friends and communities, medical missions and provision of scholarships.”

Nwabuikwu noted that the experience of countries such as Israel and India showed that the Diaspora as a force to be reckoned with in the growth and development of any country, through the funding of critical development projects, among other means.

“The current effort is directed at providing the Nigerian Diaspora similar opportunities,” he explained.

The meetings which started on Tuesday in London, will continue in New York, Washington DC and Houston until Thursday.