Diaspora remittances projected to reach $1 billion monthly

* As Dabiri-Erewa pledges new innovations

By Lateef Ibrahim, Abuja

Following the recent optimism by the Governor of the Central Bank of Nigeria, CBN, Yemi Cardoso that remittance by diaspora could reach $1 billion per month by 2026, the Chairman/Chief Executive Officer (CEO) of Nigerians in Diaspora Commission, Hon Abike Dabiri-Erewa has assured that the commission will continue to propagate some new activities.
Such activities, according to her, inc Nigerian Diaspora Investment Summit, National Diaspora Day, Diaspora Youth Summit and constant engagement with the Diaspora wherever they are.
The CBN governor, it will be recalled, disclosed recently that remittance inflows had previously hovered around $200 million monthly but have now climbed to $600 million—a 200 per cent increase.
Dabiri-Erewa has, however, attributed the recent unprecedented increase in diaspora remittances to the Renewed Hope policies of the Central Bank of Nigeria and the trust and confidence Nigerians in diaspora have in the system.
In a statement issued by the Commission’s Spokesperson, Abdur-Rahman Balogun, she
described the boost to Nigeria’s economy from its diaspora community in recent times as humongous.
According to her, “Diaspora remittance inflows tripled to $600 million monthly over the past two months, according to statistics from the Central Bank of Nigeria (CBN)”.
Dabiri-Erewa appreciated the CBN under the dynamic leadership of Mr Olayemi Cardoso, its Governor, whose various policies have led to the upsurge in the remittances, including the introduction of the Non Resident BVN and a competitive exchange rate which encouraged more formal channels of remitting funds.
Sharing the CBN Governor’s optimism that the figure could reach $1 billion per month by 2026, Dabiri-Erewa said NiDCOM will continue to propagate activities like the Nigerian Diaspora Investment Summit, National Diaspora Day, Diaspora Youth Summit and constant engagement with the Diaspora wherever they are.
The NIDCOM boss also commended the trust and the patriotism of Nigerians in Diaspora, adding that the President Bola Ahmed Tinubu administration is determined to improve the welfare of Nigerians home and abroad.
Speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Cardoso also attributed the surge to a more competitive exchange rate and improved remittance channels, which have made it easier and more attractive for Nigerians abroad to send money home through official platforms.
“Our exchange rate is becoming a lot more competitive. Those who previously sought other channels to send their money back home no longer have to do so,” Cardoso said.
The CBN governor disclosed that remittance inflows had previously hovered around $200 million monthly but have now climbed to $600 million—a 200 per cent increase.