Nigerian Diaspora remittances reach $10.4bn H1

Remittances from Nigerians in Diaspora have already reached some estimated $10.40 billion within the first half of the year, almost half of the $20.77 billion that was reported for the whole of 2013.

The Ministry of Finance which disclosed this on Tuesday said the money comprised remittances to their families, friends and communities, medical missions as well as provision of scholarships.

Analysts said on Tuesday that the 2014 numbers would sufficiently surpass 2013 record considering that most of the remittances happen mostly towards the end of the year when festivities are ripe.

It would be recalled that Nigerians in the Diaspora have been seeking ways and means to contribute more to the country’s development. Following this, the Federal Government is working out about $300 million Diaspora bond to be floated before the end of the year. The bond would enable Nigerians living abroad to invest in infrastructure back home.

Meanwhile, a high level executive-legislative team is currently holding a series of interactive sessions with Nigerians in Europe and the United States, obviously to sell the Diaspora bond. The sessions are organised by the Debt Management Office (DMO) led by its director-general, Abraham Nwankwo. Details later…

ONYINYE NWACHUKWU