Following the slump in global crude oil prices and the impending economic downturn, the federal government is to key into remittances by Nigerians in the diaspora as another window of investment.

Speaking at the maiden National Migration Dialogue in Abuja on Thursday, President Goodluck Jonathan said currently, remittances by Nigerians abroad exceed Overseas Development Assistance (ODA).

Jonathan, represented by the Vice-President, Alhaji Namadi Sambo, explained that “there are evidences to show that Nigeria has the highest volume of international migrants living outside the shores of our national boundary.”

He said: “The total volume of remittance transfers globally to developing countries far exceeds Overseas Development Assistance (ODA). Nigeria is the largest recipient of remittances in sub-Saharan Africa, with receipt of approximately 65 per cent of officially recorded remittances into the region, and two per cent of global flows.

“Statistics from the Central Bank of Nigeria (CBN) indicate that remittances through the banking system stood at $5.8 billion in 2005, $10.7 billion in 2007, $19.2 billion in 2008, $20.6 billion in 2012 and $20.76 billion in 2013. This clearly indicates a growing trend in the inflow of remittances from Nigerians in the Diaspora.

“While remittances are private funds used by migrants’ families to meet daily needs such as health, education and food, they are also invested in improvements to homes, the purchase of landed property and entrepreneurial activities, among others. Government will continually deploy strategies to encourage the willingness of Nigerians in the diaspora to invest remittances in social infrastructure, human capital development and other economic activities.”

Jonathan further stressed: “Hence, the need to promote the transfer of remittances through efficient formal channels at low transfer cost, as well as to encourage senders and recipients to invest part of their savings.”

The Minister of Special Duties and Intergovernmental Affairs, Taminu Turaki, said though “migration did not gain prominence in national discourse until 2002 when the government was confronted with the reality of Nigerian youths transiting through the Sahara desert to sojourn abroad in search of greener pastures. Between then and now, the landscape of migration discourse has greatly changed; the level of awareness is at all time high; Nigeria has realised the potential benefit of migration to national development.

“Hence, the need for the elaboration of a National Migration Policy that seeks to provide coherence in the administration of migration issues in Nigeria. The National Migration Dialogue therefore, is a strategy designed to sustain the increasing awareness and importance of migration as a function of population dynamics with great potentials for national development.

According to the Federal Commissioner for Refugees, Migrants and Internally Displaced Persons (IDPs), Hadiza Kangiwa, what Nigeria proposed and is witnessing today, is to, in effect, bring migration discourse down and closer to the grassroots.

She added that they are the real people who feel the impact of the positives and negatives of migration management or mismanagement.

Kangiwa observed that “if we have institutionalised the UN HLD and GFMD at the Global Level, and the MIDWA at the regional level, then we must have a process at the national/local level where the real actors can interface; have a common understanding of what the issues are relative to their peculiar migratory environment, and then feed into the regional and global bodies.”

Speaking at the event, the Swiss Deputy Ambassador, Daniel Cavegn, said the Swiss government would continue to provide the impetus to assist Nigeria in reaching its potentials and tapping the benefits from Nigerian migrants abroad

http://www.thisdaylive.com/articles/fg-to-focus-on-remittances-from-abroad/197131/

hehehehehe, i dont want to get critical on national issues today but i will just laugh

modified.

what is govt plan to encourage legal migration
what is govt doing about the huge number of Nigerians in foreign prisons due to illegalities
what is govt plan to ensure that her citizens are not bullied and abused in foreign lands so that they work and do more remittance
has govt bothered to know the source of this remittances they are planning to encourage the increase or they don't care
what is govt doing to increase the number of direct flights to choice destinations as this would boost chances of better opportunities and increased remittance

THIS IS CRAZY TO ME COS WE SPEND EVEN MORE TO FUND MEDICALS AND SCHOOLING ABROAD, THAT CAN BE CUBED THROUGH IMPROVED EDUCATIONAL AND HEALTH SYSTEM.

we dont have control over this earnings and remittances but we have control over our health and educational system , SO WE SHOULD CHANNEL OUR STRENGTH INTO REDUCING HOW MUCH WE EXPORT FOR THIS PURPOSES

The interest rates are high enough to attract remmitances there needs to be a pulling of the funds with high yield instruments to finance refineries, agro allied industries and defense. Please dont put peoples hard earned money into the corruption prone infrastructure sector.

Adminisher:
The interest rates are high enough to attract remmitances there needs to be a pulling of the funds with high yield instruments to finance refineries, agro allied industries and defense. Please dont put peoples hard earned money into the corruption prone infrastructure sector.

they are planning to encourage our people in the diaspora to send more money home so that the people at home can invest it into the economy or use it to improve their standard of living.

this is an indirect transfer of responsibility .

it is not a bad idea but this was how JJ okocha was also lured during the last few years only for one of the banks to disappear with his money.

aguiyi:


they are planning to encourage our people in the diaspora to send more money home so that the people at home can invest it into the economy or use it to improve their standard of living.

this is an indirect transfer of responsibility .

it is not a bad idea but this was how JJ okocha was also lured during the last few years only for one of the banks to disappear with his money.

I think he got most of that money back, it was only $1million. And he make more than that amount now with his numerous businesses and endorsements.

ducii:


I think he got most of that money back, it was only $1million. And he make more than that amount now with his numerous businesses and endorsements.

i doubt but even if he did, are there plans in place to forestall a recurrence

aguiyi:


i doubt but even if he did, are there plans in place to forestall a recurrence

What happened to J J Okocha happens to people in Business, if they are not careful. He put his money in a bank that was seriously looking for liquidity in return he got very high rate. This time it didn't work the bank went belly-up.

Now the CBN has put measures in place where it will be very hard for banks to be bankrupt, remember banks have been recapitalised, and the have 75% CRR.

I smell GEJ advisers imposing tax on remittances...

ducii:


What happened to J J Okocha happens to people in Business, if they are not careful. He put his money in a bank that was seriously looking for liquidity in return he got very high rate. This time it didn't work the bank went belly-up.

Now the CBN has put measures in place where it will be very hard for banks to be bankrupt, remember banks have been recapitalised, and the have 75% CRR.

i pray it works as planned but i really don't see this as the way to go in times like this.

we should be more interested in reducing capital freight . i believe we spend more through school fees and medicals than we receive through remittances .

aguiyi:


i pray it works as planned but i really don't see this as the way to go in times like this.

we should be more interested in reducing capital freight . i believe we spend more through school fees and medicals than we receive through remittances .

You are very correct, There should be a check on corruption as well, because these politicians steal more money than the diasporans can ever remit, and these monies are banked in the west.