COVID-19 wipes 20% off Nigeria’s $25bn diaspora remittances ― NIDCOM

Chairman/ Chief Executive Officer of the Nigerians in the Diaspora Commission (NIDCOM) Abike Dabiri-Erewa has said that the COVID-19 pandemic has wiped off 20 per cent of the $25 billion annual diaspora remittances to Nigeria.

Dabiri-Erewa disclosed this at a news conference in Abuja ahead of the 2021 Diaspora Day celebration scheduled for July 25 as she noted that the home remittances are over 83 per cent of the national budget and 6.1 per cent of the Gross Domestic Product.

President Muhammadu Buhari, the director-general of the World Trade Organisation (WTO) Ngozi Okonjo-Iweala and the deputy secretary-general of the United Nations, Amina Mohammed, will participate in this year’s Diaspora Day via webinar because of the pandemic.

According to Dabiri-Erewa, the various targeted measures are being implemented to address the deficit caused by the pandemic, adding that the remittances serve as economic buffers and safety nets to families for school fees, feeding, hospital bills and many other social support systems.

Dabiri-Erewa stressed that 30 per cent of the remittances are channelled into investments including real estate, commercial businesses and others.

“The COVID-19 pandemic has reduced the annual Diasporan remittances by 20 per cent but don’t forget that we are also coming up with different programmes.

“Remittances actually go to support families but we are having targeted programmes from the diaspora, particularly housing which would be unveiled that day.”

The former lawmaker further said that the nation can not afford to ignore about 17 million Nigerians living outside the sovereign boundaries of the nation, sending home remittances of about $25 billion annually.

“National Diaspora Day 2021 celebration themed: “Diaspora integration for national peace and development,’ would anchor on peace to accelerate Diaspora engagement for national growth and development as no nation succeeds in an atmosphere of insecurity, hatred and divisive tendencies.

Dabiri-Erewa explained that due to the COVID-19 pandemic and its consequences, the Diaspora Day 2021 will be celebrated via a webinar and would feature the presentation of the recently approved National Diaspora Policy, nomination for awardees for the proposed National Diaspora Merit Award, presentation from the Diaspora Investment Summit Initiative, among other activities.

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