Nigeria’s foreign inflows, currently estimated at $25bn, are projected to rise significantly, according to Senator Natasha Akpoti-Uduaghan, the newly appointed Chairman of the Senate Committee on Diaspora.
Speaking after her appointment by Senate President Godswill Akpabio during Tuesday’s plenary session, Akpoti-Uduaghan emphasized the crucial role of Nigerians abroad in the nation’s economic growth.
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She pledged to prioritize their welfare and streamline policies to enhance their financial contributions.
She lamented Nigeria’s failure to capitalize on the technological expertise of its diaspora community, urging the government to harness their skills for national development.
“No country has received as much in foreign inflows as Nigeria in the last decade. With the ongoing ‘JAPA’ wave, Nigeria’s foreign inflow, put at $25bn, is likely to increase,” she stated.
Akpoti-Uduaghan cited data indicating that in 2024, “remittance flows to Sub-Saharan Africa reached $54bn, with Nigeria accounting for 35.19 per cent.”
She argued that reducing the cost of remittances from 7.5 per cent to 3 per cent and establishing a Diaspora Bank—similar to Ghana’s model—could further boost inflows.
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She expressed optimism that her leadership of the committee would yield substantial benefits for Nigeria and its diaspora community.
She committed to working with stakeholders to implement policies that facilitate seamless and cost-effective remittance transfers.
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