Nigeria got more revenue from remittances than in oil sector – Ag CBN Gov

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…Says economies can’t grow without remittances

Acting Governor of Central Bank of Nigeria, CBN, Folashodun Shonubi has said that no country can develop economically without remittances saying that the country got more revenue from it than from the oil sector.

Delivering a lecture titled, “Diaspora Remittances and Nigeria Economic Development” yesterday during the distinguish Personality Lecture and Institute Seminar for EIMC 16 at the National Institute for Security Studies, NISS, in Abuja, Shonubi stated that many countries, have remittances as their major source of Dollars or income saying that, “we have countries that earn about 1.5 million dollars in remittances. Everywhere, any place you go even in developed countries such as India, China.”

While emphasizing on the importance of remittances, he said it would be helpful if measures can be put in place to control illegal remittances and identify these channels so as to ensure remittance flows into the proper channels, and harness maximum benefits to grow the economy.

He said that a panel would be set up to visit some banks unannounced to name and shame commercial banks selling dollars illegally.

He said that the country had an increase in diaspora remittances almost than it got from construction industry in 2021 adding that many Nigerians in diaspora not saving don’t want to always come back home unless they are forced.

He said, “We intend to use more of the banking system to, sending money to Subsaharan Africa cost highest because we don’t have mass.

“It would be helpful if we can work together to identify these channels because we just want the flows into the proper channels, there we can get maximum benefits to grow the economy.”

He added that remittances have generated more foreign exchange saying that we can’t do without diaspora remittances hence, creating conducive environment for investment of remittances should be given priority.

Also Commandant of National Institute for Security Studies, NISS, Ayodele Adeleke said that the Course will broaden the understanding of Security issues in the country which he said was the mandate of the Institute.

Adeleke noted that the Lecture series was conceived as part of strategies embedded in the modus of the 10 months Course to promote and provide a focal point for the program.

Adding as economies have become more interconnected, and diaspora communities play pivotal roles in developing economies of their own country’s contributing to their economic growth.