The Nigerians in Diaspora Commission (NiDCOM) has commended Nigerians living abroad for their contributions to the country’s economy, disclosing that monthly remittance inflows are nearing $1 billion.
The commission said the growing inflows demonstrate the commitment of Nigerians in the diaspora to supporting their families and contributing to national development.
In a statement issued on Tuesday and signed by NiDCOM’s Director of Media, Public Relations and Protocols, Abdur-Rahman Balogun, the agency also highlighted the increasing investments made by Nigerians abroad in various sectors of the domestic economy.
NiDCOM acknowledged that economic reforms introduced by President Bola Tinubu’s administration, including the removal of the petrol subsidy and the unification of the foreign exchange market, had involved difficult decisions.
However, the commission maintained that the measures were intended to address longstanding structural challenges in the economy.
It noted that although Nigerians had faced significant economic difficulties over the past three years, some indicators were showing signs of improvement, including the country’s foreign reserves, which it said were approaching $60 billion.
Beyond financial transfers to relatives, the commission said Nigerians abroad were increasingly investing in sectors such as healthcare, agriculture, food production and technology.
According to NiDCOM, these investments are helping businesses remain operational, creating employment opportunities for young Nigerians and introducing valuable expertise into the country’s economy.
The Chairperson and Chief Executive Officer of NiDCOM, Abike Dabiri-Erewa, praised Nigerians abroad for continuing to support their families and contribute to the country’s development despite economic pressures in their host countries.
She urged them to sustain their contributions, stressing that remittances and business investments play an important role in supporting households and creating new economic opportunities.
The commission also pledged to strengthen engagement with Nigerians in the diaspora through initiatives designed to encourage greater participation in national development.
It identified the annual National Diaspora Day celebration and the Nigerian Diaspora Investment Summit as key platforms for connecting citizens abroad with investment opportunities at home.
NiDCOM further highlighted the recent Nigeria Diaspora Economic Conference held in Canada, where participants explored ways to attract more private investment into Nigeria.
The agency said it would continue collaborating with government institutions and private-sector partners to address challenges confronting diaspora investors and make it easier for Nigerians abroad to establish businesses and invest in the country.
It maintained that sustained engagement with the diaspora community would help channel more resources into productive sectors, support job creation and strengthen Nigeria’s economic growth.
