Economy News

Federal Lawmaker Queries Low Impact of Diaspora Remittances on Nation’s Economy

Chairman, House of Representatives Committee on Diaspora, Mrs Tolulope Akande-Sadipe has queried the insignificant impact of diaspora remittances in the Nigerian economy, despite the huge records of remittances received by Nigeria.

Akande-Sadipe made the statement at a virtual conference with the theme: “HARNESSING DIASPORA HUMAN CAPITAL FOR SUSTAINABLE DEVELOPMENT IN NIGERIA”.

She said the World bank estimated that global remittances grew by 10% from $633 billion in 2017 to $689billion in 2018, with developing countries receiving 77% or $528billion of the total inflow.

Akande-Sadipe also revealed that, in 2017, Nigeria led the continent in terms of remittances while in 2018 Egypt and Nigeria accounted for the largest inflow into Africa.

The Oluyole Federal Constituency, Oyo state Representative however noted that the officially recorded remittances, are much lower than the actual remittances recorded by the World Bank, due to unofficial informal channels, saying these informal channels could add at least 50% to the global figures.

Speaking further, Akande-Sadipe asserted that adequate measures need to be put in place to ensure accountability and transparency for Sustainable National Growth and Development.

She also charged the federal government to design and implement strategies to harness the Nation’s grossly underutilized potentials in the diaspora.

This, she said would successfully transition the Nigerian economy from the state of commodity-dominated production to high valued-added production.

Oluwakayode Banjo

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