• Saturday, September 07, 2024
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BusinessDay

Nigeria seeks enhanced diaspora’s economic contribution

Africa loses $88.6bn annually to illicit financial flows – Tuggar

Yusuf Tuggar, the Minister of Foreign Affairs

Yusuf Tuggar, minister of Foreign Affairs has highlighted the Federal Government’s desire to leverage Nigeria’s overseas community to reshape its image and bolster the economy.

He stated this during a courtesy visit by the President’s Advisory Council on African Diaspora Engagement (PAC-ADE) to his office in Abuja.

Tuggar emphasised the need to improve the gross domestic product (GDP) contributions of Nigerians abroad, drawing comparisons with other countries that have smaller diaspora populations but higher economic contributions.

“We are moving closely towards changing those negative narratives about Nigeria and to improve on the contribution to GDP of diasporans,” Tuggar stated.

Deniece Laurent-Mantey, PAC-ADE, executive director, who was part of the delegation, while fielding questions from journalists, said Nigeria was part of their first official trip to Africa.

She explained that the council, inaugurated by President Joe Biden of the United States in 2023, aims to strengthen the African diaspora’s role in economic and social development.

“We chose Nigeria because Nigerian diasporans represent a vibrant part of the African diaspora community,” Laurent-Mantey said.

She praised the engaging and interactive discussions with Tuggar and expressed optimism about future collaborations.

She added, “We talked about how we can partner with the Nigerians in diaspora, across different sectors. Our partnership should go both ways: how can the US support Nigeria, and how can Nigeria support America as well?”

The PAC-ADE was established by President Biden via Executive Order 14089 during the 2022 U.S.-Africa Leaders Summit and was formally inaugurated in October 2023 by Vice President Harris. The council includes 12 members distinguished in various fields such as government, sports, creative industries, business, academia, social work, and faith-based activities.

The council advised the president on strengthening relationships between U.S. officials and the African diaspora in the United States.

In March, the council adopted its first set of recommendations for the president. These included programmes focused on student exchanges between Historically Black Colleges and Universities (HBCUs) and African educational institutions, advocating for more U.S. government policy support for the African Growth and Opportunity Act (AGOA), funds for climate-focused initiatives in Africa, improving visa processes for Africans traveling to the United States, and enhancing investments and collaborations in African creative industries.

The council’s visit to Nigeria underscores the significance of bilateral relations and the impact of the Nigerian diaspora. This follows the historic framework of cooperation signed between the U.S. and Kenya in May 2024 at Spelman College in Atlanta.