Income from Nigerians in Diaspora to hit N2.05trn this year

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Income from Nigerians in Diaspora to hit N2.05trn this year

Kehinde Akintola
Abuja

The economy is to get a N2.048trillion ($16billion) boost by December as Nigerians abroad will turn in what is seen as the second major source of revenue for the country.

Already, Central Bank of Nigeria (CBN) has confirmed the receipt of $8-billion or N1.024-trillion from Nigerians living abroad between January and June 2007. Joe Keshi, permanent secretary (cabinet services) in the office of Secretary to the Government of Federation (SGF), disclosed this yesterday in Abuja at a pre-conference briefing on the second Nigeria Diaspora Day and third Science and Technology Conference starting tomorrow at the Transcorp Hilton Hotel, Abuja. Keshi, who praised Nigerians abroad for the confidence reposed in the nation's economy, said: "Nigerian economy will receive twice as much in revenue flow from the Nigerian in the Diaspora" if the capital inflow of $8-billion is sustained in the next six months. "This is more so because of the increasing desire by Nigerians in the Diaspora to be involved in the development process, and the fact that government is committed to putting in place a predictable environment, improve security of lives and property, level playing field and assess for all Nigerians."

The 2007 remittance, acording to him, excluded huge sums of money invested by Nigerians abroad into stock exchange and other developmental activities including infrastructure and capacity building. Keshi, however, said the sum of $4-billion or N512-billion was being lost yearly by Nigeria and other African countries as a result of brain-drain in the continent. The conference, "Connecting Nigeria with her Diaspora," is to be declared open by President Umaru Yar'Adua. It will focus specially on science and technology with emphasis on Information Technology (IT), health, education, investment and youth engagement. The aims of the conference is to "sustain direct and contributions engagement of the Diaspora and encourage direct interface between the Nigerian state and Nigerians in the Diaspora; consolidate ongoing interaction and collaboration among Nigerians scientists at home and other counterparts in the Diaspora towards a genuine and realistic application of science and technology for national development," among other topics.

[color=blueThe conference will sensitise and intimate the new administration in Nigeria of the need to collaborate with and institutionalise a firm partnership with Nigerian professionals and experts in the Diaspora to facilitate the implementation of government policies and programmes.[/color] The yearly science and technology conference is expected to create a platform for regular engagement between Nigerian youths in the Diaspora and their counterparts at home to encourage their integration and involvement in Nigeria's development. Keshi said the monies remitted into government purse were used to pay salaries and run development projects such as road construction, and "if that money is not spent, this country would have collapsed."

Nigeria needs to sustain its growth rate for a period of 10 years, he says, adding that the country has performed well since 1999 when the nation's economy growth was below zero percent but has grown to 7.5 percent in 2007. "This in itself makes a good case and the need to sustain the emerging relatioship in order to expand the pipeline for more revenue flow and other development activities from Diaspora." Sokei Harry, a member of the planning committee, said about 60,000 medical practitioners lived abroad. Already about 600 participants have registered including 400 Nigerians abroad and 200 Nigerians at home for the three-day event.

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Nigerians Abroad Remitted N400bn Home in One Year - World Bank

07.04.2008

Nigerians abroad in 2007 remitted $3.3 billion (about N400 billion) to the country, the highest in sub-Saharan Africa, a World Bank report has said. The report, entitled "Migration and Remittances Factbook 2008," provides snapshots of statistics on migration, recorded remittances flows and skilled emigration for 194 countries and 13 regional income groups.
Inward remittances for all developing countries stood at $10.3 billion in 2006 and $10.8 billion in 2007, accounting for less than two percent of their average Gross Domestic Product (GDP).

In the report, Kenya was the second highest recipient of remittances in 2007 with $1.3 billion, up from the $1.1 billion that the country received in 2006. Other recipients in the top 10 were Sudan with $1.2 billion, Senegal and Uganda with $0.9 billion each, South Africa $0.7 billion, Lesotho $0.4 billion, Mauritius $0.2 billion, Togo $0.2 billion and Mali $0.2 billion. A statement from the World Bank said that for 2007, recorded remittances worldwide were estimated at $318 billion, of which $240 billion went to developing countries.

The report lists the world's top five recipients of migrant remittances in 2007 as India ($27 billion), which also had the world's largest migration population of 5.7 million; China ($25.7 billion); Mexico ($425 million); Philippines ($17 million) and France ($12.5 million). "In many countries, remittances provide a lifeline for the poor," said Dilip Ratha, a senior economist with the World Bank who co-authored the factbook with Zhimei Xhu. "They are often an essential source of foreign exchange and a stabilising force for the economy in turbulent times," he added.

For many sub-Saharan countries, however, the remittance figures are also an indicator of the high levels of brain drain that have deprived these countries of many of their finest brains. In Uganda, for instance, statistics showed a ratio of one doctor to 13,000 people, while that of nurses is 1:1,818 people, even as hundreds of Ugandan medical practitioners are working outside the country.

It was also gathered that in South Africa alone, there are over 140 Nigerian doctors working in various government hospitals. The number of doctors working in private hospitals is not known. The World Bank report also noted that in 2000, the emigration rate for people with tertiary education stood at 26.3 percent in Kenya, 21.6 percent in Uganda, 19.9 percent in Burundi, 19 percent in Rwanda and 15.8 percent in Tanzania.

The report further noted that while international immigration is dominated by the voluntary movement of people, there were 13.5 million refugees and asylum seekers, constituting about seven per cent of global immigrants, in 2005. "The share of refugees was 14.3 percent in low-income countries - over five times as large as in high-income European countries," says the report.