By RARZACK OLAEGBE
The initial year in a new country can be financially challenging.
Ada wept. She could not hold back the tears. She left Nigeria as collateral for her parents’ debt. She worked all manner of jobs to clear the debts. She was happy. Then she asked her family to build a house for her parents. In a year, she remitted over $20,000 through her stepsister. The building was a white elephant project. As the prices of building materials skyrocketed, her budget increased.
On the one hand
Ada got a video of an uncompleted building. When the house was completed, she was elated. Finally, a home for her parents. She remitted more funds for the inauguration. When she returned to her village for the house dedication, she broke down and wept. There was no building.
On the other hand
Some of the over 2.1 million Nigerian diaspora must have experienced something akin to the above story. Many Nigerians in Asia, America, Mexico and Tokyo, slave to eke out a living. Some engaged in menial jobs – the kind of jobs they would not consider at home – to remit some funds to Africa. Many support family members with living expenses and healthcare. Like Ada, others remitted funds for businesses and real estate. A few got lucky. Others wept. Like Ada. Overall, the funds remitted by these Nigerians, according to the International Organisation for Migration (IOM) Nigeria, have reached a remarkable $21 billion in 2024.
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In the long term
In its latest report, the organisation said the substantial contribution highlights the critical role Nigerians abroad play in supporting the nation’s economy. The report emphasises the growing impact of the diaspora, with the $21 billion in remittances serving as a vital economic lifeline for Nigeria. These funds, sent by Nigerians living worldwide, support households, education, healthcare, and various sectors, helping to mitigate economic challenges.
Many Nigerian diaspora have endured harrowing experiences before they could break even. Some endured an abusive environment. Some were exploited. Others found it difficult to integrate into their new country. Research showed that these challenges are a result of many factors. Irregular migration routes. Exploitative labour practice. Culture shock. Granted, the initial year in a new country can be financially challenging. A family member shared a similar experience. Yet all of these Nigerians have contributed to repatriating $21 billion to the economy.
The Central Bank of Nigeria [CBN] said the figure reflects an 8.9% increase from the previous year, accounting for nearly 37% of Sub-Saharan Africa’s total remittances of $56 billion in 2024. Sharon Dimanche, Chief of Mission for IOM Nigeria, praised the Nigerian diaspora for their resilience and innovation. She said they are “a catalyst for inclusive and sustainable development.”
Dimanche said their contributions extend beyond financial support. Nigerian professionals have excelled in health. Technology. Education. Arts. All the while maintaining strong connections with their roots. Dimanche did not mention the hardship these Nigerians endure. She, however, praised the youth in the diaspora for their innovation and digital savviness. The $21 billion, the diaspora’s expertise, and global networks have positioned Nigeria to leverage substantial potential for national development.
In the short term
In hindsight, the 2.1 million Nigerian diaspora remitted $10,000 each to hit the $21 billion. Ada remitted $20,000. Ada needs a refund.
*Olaegbe ([email protected])
