The Federal Government of Nigeria has disclosed that the over 20 million Nigerians residing in diaspora remit over $24 billion per annum, a substantial amount deemed crucial to catalyzing development across various sectors of the nation’s economy.
This revelation came during a courtesy visit to the Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa, by a delegation from the African Descendants in Diaspora Union (AFRIDU), led by the union’s diplomatic administrator for Nigeria, Dr. Abraham Onwubuya, in Abuja.
Minister Dangiwa emphasized the significance of the remittances, stating that they play a vital role in driving development initiatives within the country. He highlighted the need to harness these funds effectively to spur growth across all sectors.
AFRIDU, a platform established to foster unity, solidarity, and empowerment among African descendants in the diaspora, has been instrumental in facilitating collaboration between Nigerians abroad and various government agencies.
Addressing the delegation, Minister Dangiwa mentioned the government’s collaborative efforts with the Nigerians in Diaspora Commission (NIDCOM) and two federal housing agencies— the Federal Mortgage Bank of Nigeria (FMBN) and the Federal Housing Authority (FHA)— in tapping into diaspora resources to address housing challenges in the country.
He recalled the launch of the Diaspora Mortgage Loan at the 6th Edition of the Nigeria Diaspora Investment Summit in September 2023. This loan scheme enables Nigerians living overseas to participate in the National Housing Fund (NHF) Scheme, thereby facilitating their involvement in the housing market back home.
The Federal Government’s acknowledgment of the significant contributions of Nigerians in the diaspora underscores the importance of leveraging diaspora resources to drive economic development and address pressing societal needs, such as housing. Collaborative initiatives between government agencies and diaspora organizations are crucial in maximizing the potential of remittances for national development.
