The diaspora, engine of development in Nigeria!
The diaspora in Nigeria, the African giant, capitalizes a GDP in 2018 of $ 397 billion (i.e. 70% of ECOWAS GDP). The African giant would have, as the trend demands as a renewable resource, its diaspora. Increasingly, it seeks to no longer be a slave to hydrocarbons in order to diversify its economy and thus minimize the risks to which they are associated. The solution that seems the most logical, the most timely and the most profitable is the diaspora. But then, what quantifiable contribution, what real opportunities for the State of Nigeria?
The “Nigeria Diaspora Alumni Network”
NDAN was developed to defend the socio-professional, economic and political interests of Nigerians. Therefore, the main objective of this program is to bring back or at least make available to Nigeria the human and financial resources of the diaspora. It is also a question of strengthening ties with the latter in order to promote investment and therefore local development based on its commitment. Basically, it’s about awakening, or at least creating, a growing diaspora interest in Nigeria. This objective is gradually taking shape. Evidenced by these NDAN figures including the 200 participants of the initiative, the 20 “speakers”, the 12 sessions carried out and which have been successful and the 25 sponsors who make possible certain activities concerning the company. This initiative is growing rapidly and is already yielding staggering results.
The Nigerian diaspora: what potential?
The Nigerian diaspora alone contributed 6.1% to the GDP. According to the Nigeria Economic Outlook: top ten themes for 2019, $ 25 billion has been transferred to the Nigerian giant. This figure would be seven times the amount of development aid granted to the country in 2017. This is to emphasize the importance of the diaspora in African countries. The latter as an economic strategy could allow Nigeria to turn to other sources of public revenue. Thus a politicization of the diaspora could cause the funds received for public policies to be used. Also in 2018, Abike Dabiri Erewa, Presidential Adviser for Diaspora Affairs said that the diaspora plans to invest $ 3 billion in agriculture, energy, mining and transportation. Promising projects that could reduce the unemployment rate and increase purchasing power in Nigeria.
This investment mainly concerns Nigerians in the USA. It would speed up the diversification process of the country which depends a little too much on hydrocarbons.
At the summit of the Continental Free Trade Area, Nigeria presented itself as the recalcitrant country which does not adhere to the project. The reason is the weakness and the quasi dependence of its economy. The diaspora seems to be an opportunity in two directions today. It would allow Nigeria to impose itself more on the African continent and would allow the African continent to develop thanks to its free trade project.
Other article: https://agenceecofin.com/economie/2108-68522-nigeria-en-2018-les-envois-de-fonds-de-la-diaspora-ont-ete-11-fois-superieurs-aux-ide pwc-antenna reception