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Business News of Tuesday, 26 July 2022

Source: www.punchng.com

Nigerians in diaspora contribute 4% of GDP – Olomu

Gross Domestic Product Gross Domestic Product

The Vice-chair, Chartered Institute of Personnel and Development, South London Branch, United Kingdom, Mr. Dayo Olomu, has said that Nigerians in the diaspora have been contributing at least four per cent of the Gross Domestic Product of the country since 2018.

He said it showed how much Nigerians in the diaspora cared for the economic wellbeing of those back home and how significant they had become as a bloc, to the viability of the Nigerian economy. Olomu said this while delivering his keynote address to mark Nigeria Diaspora Day on 25 July 2022, at Brixton Library, London.

“Data from the World Bank revealed that the Nigerian Diaspora population remitted $65.34bn in three years – 2018 ($24.31bn), 2019 ($23.81bn), and 2020 ($17.21bn) – to boost economic activities in the country. Comparatively low as it was, the 2020 remittance inflow made up four per cent of Nigeria’s Gross Domestic Product for that fiscal year,” he said.

He hailed the move by the Federal Government to establish the Nigerians in Diaspora Commission in 2017 that had earmarked July 25 of every year as the National Diaspora Day.

Lamenting the state of the economy, Olomu stated that the country would remain a dwarf and a source of ignominy for her citizens if things were not got right.

He said, “Nigeria’s economy is nowhere near where it should be. We can see that, even from the exchange rate of our local currency. Inflation is at an all-time high, youth unemployment is at about 53 per cent, out-of-school children are about 13 million, and university students have been out of school for the third month running. Of course, in this circumstance, insecurity is spiraling out of control; that is not to speak of the level of distrust amongst the different ethnic nationalities, with the effect that no one is at peace. So, even if a country had all the money in the world, can it prosper without peace?

“These say to us that unless we get governance right, Nigeria will remain a dwarf and a source of ignominy for her citizens. I do not think this situation should persist. No country blessed with the quality and quantity of human resources that Nigeria has within and outside the country should suffer this reality. But how much interest do diaspora citizens show in turning Nigeria around, given that most of us live in countries where things work?

“Every day, I wonder how much diasporan influence Nigeria feels in its political space. How much advocacy and push for critical reforms needed to strengthen democracy back home do we engage in? What significant role do we play in the political development of Nigeria?”