NiDCOM boss, Dabiri-Erewa, seeks partnership with CBN on diaspora remittances

The Chairman, Nigerians in Diaspora Commission, Abike Dabiri-Erewa on Tuesday sought partnership with the Central Bank of Nigeria and financial institutions to improve remittance channels.

Dabiri-Erewa made the request when she paid a courtesy visit to the CBN governor, Olayemi Cardoso, at the CBN’s headquarters in Abuja.

The NiDCOM boss also requested a policy on reducing the cost of sending money back home with the aim of harnessing the resources, skills, and potentials of the diaspora for the benefit of both the diaspora community and Nigeria.

A remittance is a non-commercial transfer of money by a nonresident worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country.

Nigeria accounted for the highest remittance flow into Sub-Saharan Africa in 2022, as the continent recorded an estimated $52.9 billion, the latest World Bank report stated.

The report, tagged, ‘Remittances Remain Resilient But Are Slowing’, covered 2022, and showed that Nigeria accounted for $20.1 billion.

Addressing reporters, Dabiri-Erewa said, “The visit is centered on Diaspora Remittance, Working/collaborating with Central Bank of Nigeria and financial institutions to improve remittance channels and;

“Reducing the cost of sending money back home with the aim of harnessing the resources, skills, and potentials of the diaspora for the benefit of both the diaspora community and Nigeria.”

Cardoso in his remarks promised a robust collaboration and deepening conversation between the Central Bank and the NiDCOM agency around Diaspora Remittance.

“The CBN Governor on his part, promised a ROBUST COLLABORATION and DEEPENING CONVERSATION between the Central Bank of Nigeria and to REVIEW the BOTTLENECK around Diaspora Remittance,” Cardoso was quoted to have said.