The Central Bank of Nigeria (CBN) Governor, Dr. Olayemi Cardoso, has made a commitment to address the high charges on remittances flowing into Nigeria to bolster the nation’s economy. This announcement follows the release of World Bank statistics from 2022, which showed that diaspora remittances to Nigeria had surged past $22 billion, underscoring the importance of remittances to the nation’s financial health.
During a strategic meeting at the CBN headquarters in Abuja, led by the Chairman/CEO and Management of the Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, the CBN Governor expressed concern over the sporadic status of remittances and vowed to investigate the matter thoroughly.
Dr. Cardoso’s assurance to explore and address the issue of high charges on remittances comes with the intention of ensuring that Nigeria remains the highest receiver of remittances in Sub-Saharan Africa, surpassing even Egypt.
Commending NiDCOM for its progress and initiatives over the past four years, the CBN Governor emphasized the need for deeper collaboration between the two organizations. He assured that any obstacles to remittances would be eliminated to promote a more favorable environment for remitters.
In her remarks, Hon. Abike Dabiri-Erewa lamented the high tax rates on remittances to Nigeria, emphasizing that the country holds the unenviable position of having the highest tax rate. She stated, “I believe Diaspora remittances can be improved if the challenges can be looked into and addressed.”
The NiDCOM Boss also called upon the leadership of the Central Bank of Nigeria to partner with NiDCOM in various initiatives aimed at mobilizing and increasing Diaspora Remittances. These initiatives include the National Diaspora Policy, Diaspora Data Mapping, the Nigerian Diaspora Investment Trust Fund, Diaspora Quarterly Lectures, the Badagry Door of Return, and the Nigeria Diaspora Investment Summit.
The pledge by the CBN Governor to address the high charges on remittances to Nigeria underscores the importance of diaspora contributions to the nation’s economy. As remittances continue to play a vital role in Nigeria’s financial stability, this commitment is expected to have a positive impact on both remitters and the nation as a whole.
