New CBN Diaspora policy, plausible for foreign direct investments – DTCA | Dailytrust

New CBN Diaspora policy, plausible for foreign direct investments – DTCA

The acting Director-General of the Directorate of Technical Cooperation in Africa (DTCA), Mahmud Adamu Yahaya, has said that the recent Central Bank of Nigeria (CBN) policy on Diaspora Remittances will boost Foreign Direct Investments (FDI) and also positively impact on the nation’s economy.

He said this on Tuesday in Abuja, during a One Day Workshop on “Leveraging on Nigeria’s Diaspora Foreign Direct Investment (FDI) for National Development.”

According to him, the remittances from the huge Nigerian Diaspora Community is a ready channel for Nigeria to leg-up her economy, amidst the country’s efforts at boosting its economy, after the devastating effects of the COVID-19 pandemic.

“Nigerian Diaspora investments when appropriately mobilized, harnessed and leveraged, holds the key to the gateway of Nigeria’s next level drive and indeed, Africa’s sustainable development,” Yahaya said.

He said that the workshop could not have come at a better than when the negative impact of the COVID-19 pandemic on the economy of nations across the world leaves so much to be desired.

In her goodwill message, the Chairman/CEO, Nigerians in Diaspora Commission (NIDCOM), Hon. Abike Dabiri-Erewa said that the special interest of the present administration of President Muhammadu Buhari, to harness the Diaspora potential is a plus for the Economic Recovery and Growth Plan (ERGP) of the Federal Government.

Represented by Secretary, NIDCOM, Dr. Sule Yakubu Bassi, Dabiri-Erewa said that good percentage of Diaspora Remittances to Nigeria is consumption based.

“Seventy percent of remittances are directed towards consumption and social needs while thirty percent are directed toward investments,” she added.

She said that to maximally tap into Nigerian Diaspora potentials, NIDCOM has embarked on Data Mapping Project in collaboration with IOM, World Bank and various Consular offices at the country’s Foreign Missions.

On her part, the Executive Secretary/CEO of the Nigerian Investment Promotion Commission (NIPC) Ms. Yewande Sadiku, Nigerians in Diaspora represent an indomitable force and which should be harnessed for national development.

Represented by the Director, Investment in the commission, Mr. Emmanuel Adesina, she said, “Nigerian Diaspora are flag bearers of Nigeria’s image, Nigeria’s entrepreneurial energy, Nigeria’s irrepressible spirit and incredible can-do attitude.”

She commended Diaspora Nigerians, whose remittances, she said for several years have exceeded Nigeria’s oil revenues and translated sometimes as high as six percent of GDP, adding that of the 30 percent remittances that is invested, the bulk of it actually goes into real estate.

Also, the Executive Director/CEO, Nigerian Export Promotion Council (NEPC), Mr. Olusegun Awolowo, said that the Nigerian Diaspora have played significant roles in Nigeria’s development.

He said such include promoting trade and foreign direct investment, financial remittances, skills and knowledge transfer, among others.

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