Nigerian Entrepreneurs in Diaspora

 

Nigerian Entrepreneurs in Diaspora

 

According to the Federal Government of Nigeria, no fewer than 17 million Nigerian are currently living in various countries of the world.
The impact and potential of Nigerians in Diaspora cannot be overemphasized. Nigerians have proved themselves in all works of life across the World.
In 2018, a total of $25.08 billion was remitted by Nigerians in diaspora into the country, according to PwC. This represents;

  • 6.1% of Nigeria’s Gross Domestic Product
  • 83% of the federal government’s 2018 budget in value.
  • 7 times larger than the net official foreign aid received in 2017 which totalled $3.359 billion
  • 11 times the Foreign Direct Investment flows in 2018.
  • 14% increase compared to the 2017 remmitances which stood at $22 billion
  • The highest remittance in-flow in Africa and fifth-highest globally, behind India, China, Philippines and Mexico.

On the contrary, foreign direct investment (FDI) has been on a steady decline for two years in a row. In 2016, FDI rose by 45% before the recurrent drop in 2017 and 2018 with 21.3% and 31.2% decrease respectively.

According to online remittance service, Azimo, the highest portion of remmitances to Nigeria in 2017 was received from Nigerian living in Europe, representing an estimated $8.1 billion.
Despite the significant volume of remittances, it is estimated that only a small percentage goes into concrete investments despite all indications suggesting that Diaspora remmitances in form of investments would provide a better source of foreign exchange inflows for the Nigerian economy than conventional Foreign Direct Investments and Foreign Aid.
This round table seeks to propose, discuss, and take actions on concrete initiatives and programs that would contribute towards increasing investment inflows into Nigeria from Nigerians living and working in Diaspora.
It will bring together the largest number of Nigerian Entrepreneurs, High Networth Individuals (HNIs) and Business Leaders who are based in Europe. It will also be attended by leading private and public sector stakeholders.
Attendance is strictly by invitation.

 

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