To check increasing foreign exchange scarcity in the country, a United States of America based professor, Abiodun Raufu has told President Bola Tinubu to boost Diaspora remittances
Raufu noted that the current remittance of approximately $22 billion, is considered a mere fraction of the potential $70 billion that could be remitted if proactive measures are implemented.
Raufu, an Assistant Professor of Criminal Justice at the Southern University and A&M College in Baton Rouge, Louisiana, and former Editor of Nigerian Tribune emphasized that Nigeria, currently ranked seventh globally in remittance receipts, could substantially enhance its inflows by bolstering confidence and devising effective strategies.
The professor advocates for governmental initiatives that inspire trust, political commitment to combat corruption, and efforts to address infrastructure deficits.
While highlighting global trends, Professor Raufu cited that among developing nations, India is the largest recipient of remittances, with $125 billion in 2023, followed by Mexico ($67 billion), the Philippines ($40 billion), and Egypt ($24 billion).
According to him, despite Nigeria receiving $22 billion in 2022, projections for 2023 indicate marginal changes unless deliberate actions are taken.
He maintained that many Nigerians abroad hesitate to invest or visit due to prevailing challenges, suggesting that President Tinubu can change the narrative by improving the security situation, demonstrating the political will to deal with corruption, and addressing the infrastructural deficits in the country to encourage Nigerians in the diaspora to pay more attention to their fatherland.
Raufu said, “In the United States for example, Nigerians in paid employment are second only to Asians in terms of annual earnings with median annual incomes of $50,992 for Nigerian men and $44,894 for Nigerian women which are higher than the median U.S. incomes, of $48,629 for men and $37,842 for women. According to the U.S. Census Bureau, this is because more than 61 percent of all Nigerians in the United States have a bachelor’s degree or higher, which is more than double the overall U.S. rate of 28.5 percent, while 17 percent of Nigerians have master’s degrees and 4 percent have doctorate degrees (U.S. Census Bureau, 2017). By contrast, 19 percent of the White population has bachelor’s degrees, eight percent has master’s degrees and one percent has doctorates. In terms of educational attainment, Asians are second to Nigerians with 12% possessing master’s degrees and 3% having doctorates (Casimir, 2018). The median incomes of $50,992 for Nigerian men and $44,894 for Nigerian women are higher than the median U.S. incomes, which are $48,629 for men and $37,842 for women, and Nigerians’ poverty rate of 12.8% is lower than the national rate of 14.9% (Casimir, 2018). In addition, 70 percent of black doctors in the United States are Nigerians, and medical doctors are the highest-paid employment earners in America.
“The recently announced Diaspora Housing Scheme which is a facility for diasporans to access up to N50 million naira loan for a mortgage with an interest rate of 6.9 percent, paid over 10 years is a good initiative and more of such ideas are needed,” Professor Raufu said.
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