FG Faults NBS On $25bn Diaspora Remittance Figure

The Federal Government has disputed the $25billion figure the National Bureau of Statistics (NBS) released as the annual remittances of Nigerians in Diaspora, saying that the figure was actually higher.
The Minister of Foreign Affairs, Mr Geoffrey Enyeama, disclosed this, yesterday, in Abuja at the opening of a two-day Technical Workshop on Diaspora Remittances and Sustainable Development under the chairmanship of the Kingdom of Belgium and the French Republic.
Enyeama, who said the figure often bandied about was actually not a true reflection of Diaspora remittances to Nigeria, however, said the challenge with most countries was how to channel such remittances to development.
“As you know, in the past few years, it is said that Nigerians in Diaspora remittances is $25 billion. The figure being bandied about is $25billion per year in remittances.
“Well, I read not too long ago that this figure is inaccurate. It is very far from being accurate because when you logically think about it, it is huge and as they say, it even dwarfs the budget.
“It is hard to fathom. So, I think there is some debate as to how accurate that really is. But of course, we will love it to be that. There are huge resources coming into the country from Nigerians in Diaspora and the challenge, as with most countries, is how to channel those resources to development”, he said.
The minister, who stressed the importance of Diaspora remittances to sustainable national development, especially if properly harnessed, urged stakeholders to, however, consider the cost of remitting the funds home, saying there was the need to make it easier for those in the Diaspora to remit funds.
“In the past few years, the Nigerian Diaspora has remitted billions of dollars to their kith and kin back home at a very high premium. According to the National Bureau of Statistics, in 2018, Diaspora remittance to Nigeria was about $25billion. This represents 6.1 per cent of our GDP and 83 per cent of our national budget. It is also 11 times the foreign direct investment flows into the country within the same period.
“This should show us the importance and the value that could derive from these remittances if properly harnessed. On the flip side, we should also consider the cost of remitting these funds back home.
We, therefore, need to make it easier for those in the Diaspora to remit funds back home and find ways of harnessing these funds for national development,” he urged.
He added that a well-managed migration would offer opportunities for individuals and states of all the concerned countries, adding that “the Rabat Process aims to foster solidarity, partnership and shared responsibility in the management of migration issues.