The federal government has often instigated discourse on the need to exploit the massive potential of the Nigerians in the Diaspora for the economic growth and industrial development of the country.
There is usually a high level of optimism about the intention of the government in this direction practically every year that Nigeria has hosted the annual National Diaspora Day (NDD) celebration but there is a difference between an ideal to be attained and the realities to be confronted.
On Friday, July 25, 2025, President Bola Tinubu assured that his administration will ramp up efforts to create a suitable environment that will attract more investments from the Nigerians in the Diaspora as well as harness their immense talents, skills, expertise and contacts for national development.
President Tinubu gave this assurance when he delivered his remarks as the Special Guest of Honour at the opening of the 2025 National Diaspora Day (NDD) organized by the Nigerians in the Diaspora Commission(NIDCOM) with the theme “ Optimizing Formidable Diaspora Potential For National Development and Growth” at the Banquet Hall of the Presidential Villa in Abuja, on Friday, July 25.
Represented by the Secretary to the Government of the Federation (SGF), George Akume, the president, acknowledged the enormous contributions of the Nigerians in the Diaspora in terms of remittances, which hit $20.9 billion by 2024 with the promise of more remittances in the years ahead.
He said “We will continue to provide an enabling platform for effective policies for the Diaspora with the view to galvanising your support for this administration and concretizing our democracy, optimising your potential and setting a good example for other African countries to emulate.”
The federal hovernment’s vision to exploit the huge potential of Nigerians in the Diaspora is encapsulated in the President Tinubu’s Renewed Hope Agenda on Foreign Policy captured in the 4Ds doctrine of Democracy, Development, Diaspora and Demography.
The NIDCOM, led by Hon. Dr. Abike Dabiri-Erewa, has been commended by the President for their dynamic initiatives, activities and engagements with the Diasporan community especially in the creation of laudable programmes for Nigerians in Diaspora to invest back home.
Programmes such as the National Diaspora Merit Award, is to honour those individuals and associations who have contributed to the development of Nigeria and their host country. NIDCOM also has the Badagry Door of Return Festival to commemorate the Nigerian descendants from slave trade era and the significance of the ancient Badagry during the period
Others include; the Diaspora Mortgage scheme, the Diaspora Investment Fund, the Diaspora Housing Scheme among notable initiatives.
As elaborate as these programmes appear, and as dynamic as the potential benefits suggest, it appears uncertain whether the mechanism to achieve these have gone through the rigours of deep thinking.
For instance, NIDCOM which has made commendable efforts in bringing the Nigerians in the Diaspora together for meaningful engagements is still grappling with some challenges such as the much needed Diaspora Trust Fund, which should actually be the basis upon which remittances and other investment funds could be pulled together and channeled to critical sectors.
$20.9 billion in remittances for 2024 is very huge money, apparently bigger than the Foreign Direct Investment into the country within this same period. It is doubtful if this huge amount was invested into the critical sector apart from the fact that it benefited individuals whose relatives based abroad remitted such monies for their upkeep or personal use.
Experts believe that it has become incumbent on Nigeria to address the challenges militating against the positive impact of remittances on development in Nigeria such as political instability, ineffectiveness of the financial sector/business climate, bureaucracy and non-formulation and implementation of adequate remittances programmes . The good thing is that the Diaspora Trust Fund if properly harnessed can address this challenge.
Policy makers, particularly those in financial sectors, also have the duty to formulate and implement remittance policies like those of the Philippines and Mexico in order to maximise the benefits of remittances for human and economic development of Nigeria.
President Tinubu recognizes some of the challenges faced by NIDCOM just as the commission has shown determination to pursue its objectives to a logical conclusion.
Tinubu said “Let me also state that we will look into the Challenges NiDCOM has enumerated with a view to ameliorating the same so that we can harvest maximally the benefits of migration through the engagements with our Diaspora for national development and growth.”
Yes, there are investments coming from the Diaspora but they must be made to be commensurate with the potential that the Nigerians have to completely change the fortunes of the country. Nigeria’s unemployment rate is still high, so is the poverty rate, the challenge of insecurity, low industrial capacity, inflation among others. However, if properly harnessed, Diaspora funds can help to ameliorate these challenges.
NIDCOM has demonstrated resilience to address these issues through persuasive engagements, just like the Chairman, Senate Committee on Diaspora and Non-Governmental Organizations (NGOs), Aniekan Bassey, in his remarks emphasized that Nigeria is a veritable home for investment, stressing that it has become necessary for job creation, skill development among the youth.
This message is further echoed by Isabelle Wolfsgruber from the Head Office International Centre for Migration Policy Development (ICMPD) in Abuja. She expressed hope that the Nigerians in the Diaspora, who are among the most dynamic, educated, and resourceful globally, hold boundless untapped potential to contribute meaningfully to national development.
It is hoped that these will prove to be tangible in the long run.
