Nigerians in Diaspora remit $5.2bn in first quarter of 2022

DIASPORA remittances rose to $5.2 billion in the first quarter of the year, compared to the $4.3 billion recorded in the corresponding period of 2021, according to the Central Bank of Nigeria (CBN).

Director, Trade and Exchange Department at the CBN Ozoemena Nnaji disclosed this during the 33rd Seminar for Finance Correspondents and Business Editors which held in Lagos on Saturday.

The ICIR reports that the $5.2 billion remitted in the first half of the year is nearly double the total $2.9 billion cash flow recorded in the year 2020.

Chairman of the Nigerians in Diaspora Commission (NiDCOM) Abike Dabiri-Erewa, commended the feat, noting that the ‘Naira-4-Dollar scheme’ created by the CBN in 2021 attracted $2.4 billion in Diaspora remittances within eight months.

A statement issued by NiDCOM’s Head of Media, Public Relations and Protocols Unit Abdur-Rahman Balogun said many Nigerians abroad are investing in sectors such as agriculture, real estate, health, education and Information and Communication Technology (ICT).

“It is expected that by the end of 2022, remittances from Nigerians in the Diaspora from official sources would have increased from its current 22 billion dollars to about 25 billion dollars,” the statement said.



    Dabiri-Erewa noted that no nation could develop without its Diaspora and that the Commission would continue to engage with Nigerians abroad to boost investments in the country.

    However, President of the Association of Bureau De Change Operators of Nigeria (ABCON) Aminu Gwadabe, told The ICIR that a lot of the remittances into the country are not recorded as a result of the disparity between the official Import and Export Window (I & E) and the parallel market.

    “It is discouraging inflow of Diaspora remittances. There are lots of these remittances not captured because of the exchange rate disparity,” Gwadabe said.

    NiDCOM is set to launch the Diaspora Housing Mortgage Scheme that will enable citizens residing abroad to participate in the National Housing Fund scheme and access loans up to N50 million. A Diaspora Investment Trust Fund will also be established for structured Diaspora investments.

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