The Manufacturers Association of Nigeria (MAN) has urged the Federal Government to tap into diaspora remittances as part of efforts to alleviate the country’s ongoing foreign exchange crisis.
Nigeria’s currency, the naira, has significantly depreciated against major global currencies, currently trading at around N1,700 to the dollar, which has driven up the cost of mostly imported goods, putting them out of reach for millions of Nigerians.
To tackle this issue, MAN’s Director-General, Segun Ajayi-Kadir, has called on the government to focus on diaspora remittances, which, according to the World Bank, reached $20 billion in 2023.
During Channels Television’s Independence Day special event, titled Nigeria’s Challenging Economy: Strategies For Recovery, Ajayi-Kadir emphasized the need to maximize oil revenues without any human, structural, or systemic impediments. He also highlighted the significant potential of diaspora remittances to provide much-needed foreign exchange.
“We need to address the issue of diaspora remittance, which has the potential to bring in far more forex than Nigeria currently receives. These funds can help mitigate the foreign exchange challenges we are facing,” he said.
Ajayi-Kadir believes that addressing these and other factors could help resolve the foreign exchange crisis, which has been adversely affecting production in the country. “Nigeria need not suffer endlessly,” he added.