Business
Nigeria’s Diaspora Remittances To Hit $22bn – Report
Nigeria’s diaspora remittances have been projected to rise by five per cent to $22billion by the end of 2021.
Agusto Consulting Limited, a wholly owned subsidiary of a rating agency, Agusto & Co. Limited, disclosed this in its report titled ‘2021 Nigeria diaspora remittance report & survey for May 2021.
The report was presented by the Managing Director, Yinka Adelekan, and the Head of Consulting, Jimi Ogbobine, during a virtual event on Tuesday.
Part of the report read, “We project that Nigeria’s diaspora remittances will reach $22billion by 2021, representing a year-on-year (y-o-y) rise of five per cent.
“And then a marginal y-o-y rise of two per cent in 2022 to $22.5bn.”
Nigeria’s diaspora remittances dropped by 12 per cent to $21billion in 2020 from about $23.8billion the prior year, it stated.
The firm described remittances as funds transferred from migrants to their home country, and played important roles in the economy, helping to meet the basic needs of recipients.
According to the report, remittances represent household income from foreign economies arising mainly from the temporary or permanent movement of people to those economies.
It said previous studies had shown that about 70 per cent of remittances were used for consumption purposes, while 30 per cent of remittance funds went to investment-related use.
The report said Nigeria’s domestic policy conundrum on foreign exchange was creating many challenges to the wider macro contractions caused by the pandemic.
It said the Covid-19 pandemic created significant global economic ruptures that had affected the rich world and the remittance dependent states.
Due to the crude oil volatility, it stated, the diaspora remittances which had long been Nigeria’s second largest source of foreign exchange inflows had become more significant.
According to the report, Nigerian diaspora remittances are still an under-researched subject despite its strong bankability credentials.
The report said four significant upsides that could lead to favourable outcomes in 2021 included the Central Bank of Nigeria’s decision to enable recipients of remittances access to funds in foreign currency.
Others are fiscal stimulus packages aimed at protecting wages and consumer spending in some of the major western nations (UK and US); currency depreciation in Nigeria; and the increasing rate of emigration by well-educated Nigerian, particularly white-collar workers to Canada.
It stated that there had been very few target-market studies on diaspora remittances in Nigeria.
Agusto Consulting said it adopted a strategy by initiating research on bankable markets with poor research coverage.
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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
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