Financial experts have said that Nigeria can attract high inflow and volume of Diaspora remittances with proper engagement and transparent exchange rate.
They said this would make Nigeria to be able to compete better than countries like India, Israel, Indonesia and others.
According to a statement titled “Ecobank digital series: Abike Dabiri-Erewa, Akinwuntan, others offer solutions to attract high diaspora remittance,” they spoke during a virtual summit.
The summit had the theme: “Financial services & remittance solutions for Nigerians in diaspora: Leveraging Ecobank’s Pan-African offering as the nation celebrates 60.”
While asserting that diaspora remittances had impacted positively on most economies of the world, they challenged financial institutions in the country to explore ways on how they could make it easy and affordable for Nigerians in the diaspora to send money to their home country.
The Managing Director, Ecobank Nigeria, Patrick Akinwuntan, in his opening speech noted that there was growing evidence that diaspora remittances were impacting positively on the economies of various countries of the world.
He put the total annual remittances to Nigeria at about $20bn which, he said, contributed hugely to the country’s foreign exchange earnings.
According to him, apart from constant engagement with Nigerians in the diaspora, the bank was leveraging its digital technology through its Rapidtransfer App and Ecobank mobile App to make it easy and affordable for Nigerians abroad to remit money to their home country.
The Chairman/Chief Executive Officer, NIDCOM, Mrs Abike Dabiri-Erewa, who was the keynote speaker commended Ecobank for organising the webinar which she said was very timely and appropriate.
She regretted that there was currently no proper documentation of remittances inflow into Nigeria from the officially estimated 17 million Nigerians in the diaspora who sent money home to take care of their families’ education, health and other needs.
On the ease of doing business in Nigeria, Dabiri-Erewa said it was getting better.
She disclosed that the country’s diaspora policy was being put together.
She said her organisation was planing to organise a diaspora investment summit very soon, adding that the commission was currently working with the Federal Mortgage Bank of Nigeria to set up diaspora mortgages for interested Nigerians.