The Central Bank of Nigeria (CBN) has initiated a series of engagements with the Nigerian diaspora to enhance remittance flows into the country. This was disclosed in a statement from the CBN on Thursday.
According to the statement, “In a strategic effort to tap into the economic potential of Nigeria’s diaspora, the Central Bank of Nigeria led a delegation consisting of the Nigeria Inter-Bank Settlement System, major Nigerian banks, and International Money Transfer Operators to engage with the Nigerian Diaspora community in Houston, Texas, USA, at a dedicated forum.”
During the forum, titled “Optimising Remittances to Nigeria: A Vision for the Future,” the Deputy Governor of the CBN (Economic Policy), -, reaffirmed the bank’s commitment to boosting remittance inflows, highlighting their critical role in maintaining Nigeria’s financial stability.
At the event, Abdullahi underscored the CBN’s goal of doubling capital inflows and diaspora remittances to Nigeria. He emphasized that the bank is focused on “strengthening macroeconomic fundamentals to foster an environment where the private sector can flourish and create quality employment for Nigerians.”
Abdullahi further explained that the CBN’s strategy aims to leverage remittances as a key driver for inclusive growth and financial inclusion, especially amid ongoing economic reforms.
Additionally, Philip Ikeazor, the CBN’s Deputy Governor for Financial System Stability, stated that diaspora remittances should not be seen solely as a source for consumption but as a crucial tool for national development through investment. He emphasized the importance of integrating remittances into broader economic plans to ensure sustainable growth.
Key industry stakeholders also contributed to the discussions. Nneka Onyeali-Ikpe, CEO of Fidelity Bank, highlighted the challenges faced by Nigerians abroad when sending money home, such as high transaction costs and limited access to financial services. She suggested that closer collaboration between banks and fintech firms could help mitigate these issues.
Yemisi Edun, CEO of First City Monument Bank, stressed the need to build trust in the remittance system, while other participants discussed the potential impact of improving Nigeria’s financial risk status. Olalere Ridwan, CEO of LemFi, noted that enhancing Nigeria’s standing on the Financial Action Task Force grey list could reduce transaction costs and make remittances more affordable.
Dr. Oliver Alawuba, Group Managing Director/CEO of United Bank for Africa and Chairman of the Body of Banks’ CEOs in Nigeria, advocated for stronger collaboration among banks, regulators, fintech companies, and the wider ecosystem to further boost remittance inflows into Nigeria.
