This post has already been read 1776 times!

Nigerians in Diaspora Organisation Europe (NIDOE) has revealed that Nigerians abroad send over $20 billion to their homeland annually. At a virtual news conference, Chairman Bashir Obasekola announced that NIDOE spent N25 million on humanitarian projects across Nigeria in 2024.

These initiatives focus on healthcare and education, aiming to support underserved communities and drive national development. Projects include constructing boreholes for clean water access, distributing blood pressure monitors, and donating assistive learning devices to the Pacelli School of the Blind.

Obasekola emphasized NIDOE’s commitment to inclusive education and promoting trade and foreign direct investment. “Beyond sending remittances, diasporas promote trade, create businesses, and transfer knowledge and skills,” he stated.

Under Obasekola’s leadership, NIDOE aims to expand humanitarian projects and influence policy-making.

NIDOE’s initiatives are truly impactful, and their focus on healthcare, education, and humanitarian projects is commendable.

They’ve spent over N25 million on various projects across Nigeria in 2024 alone, including constructing boreholes for clean water access, distributing blood pressure monitors, and donating assistive learning devices to the Pacelli School of the Blind.

But what’s even more impressive is the significant contribution of diaspora remittances to Nigeria’s economy.

In 2019, Nigerians abroad sent over $17.57 billion back home, and between 2012 and 2019, the total remittances amounted to $114.07 billion. This influx of funds has been instrumental in driving economic growth, with remittances accounting for 6.1% of Nigeria’s GDP in 2018.

Key impacts of diaspora remittances in Nigeria’s economy include consistently contributing to Nigeria’s GDP, with a 14% year-on-year growth in 2018, helping support families and communities, reducing poverty and improving living standards, and providing a stable source of foreign exchange, supporting Nigeria’s currency.

ABUJA BUSINESS REPORTS NEWSPAPER & MAGAZINE reports that experts have recommended reducing transaction fees to facilitate more remittances.

In 2019, Africans sending money home were charged $4.3 billion due to a 9% transaction fee.

NIDOE’s efforts, combined with the significant economic impact of diaspora remittances, demonstrate the vital role the diaspora community plays in Nigeria’s development.