COVID-19 Wiped Off $5bn Diasporan Remittances – FG

Abike Dabiri-Erewa

COVID-19 has wiped off 20 percent from the $25 billion annual diasporan remittance to Nigeria, said the Federal Government.

To hamper further wastage, the government noted various targeted programmes to be implemented with carefully strategy and per time.

While speaking with news men, in a bid to commiserate 2021 Diaspora Day celebration, scheduled for July 25, the Chairman, Nigerians in Diaspora Commission, Abike Dabiri-Erewa, said on Thursday that the home remittances were over 83 percent of the national budget and 6.1 percent of the Gross Domestic Product (GDP).

The World Bank had said remittances by Nigerians in the Diaspora declined by 27.7 per cent in 2020. It had also put remittances into the country in 2019 at $21.45bn.

She explained that the remittances serve as economic buffers and safety nets to families for school fees, feeding, hospital bills and many other social support systems.

According to her, 30 per cent of the remittances are channeled into investments including real estate, commercial businesses and others.

Responding to a question on the impact of the pandemic on the remittances, Dabiri-Erewa stated, “The COVID-19 pandemic has reduced the annual Diasporan remittances by 20 per cent but don’t forget that we are also coming up with different programmes.

This year National Diaspora Day 2021 celebration is themed: ‘Diaspora integration for national peace and development’ and would focus on diaspora engagement for national growth and development.

Some of the dignitaries slated to speak at the event which would be a webinar due to COVID-19 include Nigeria President Muhammadu Buhari and World Trade Organisation, Dr Ngozi Okonjo-Iweala.