The Manufacturers Association of Nigeria (MAN) has called on the Nigerian government to harness diaspora remittances as part of the solution to the country’s ongoing foreign exchange crisis.
The Nigerian currency, the naira, has experienced a significant depreciation, trading at approximately N1,700 to the dollar. This devaluation has sharply increased the prices of imported goods, making them unaffordable for millions of Nigerians.
MAN’s Director-General, Segun Ajayi-Kadir, emphasized the importance of diaspora remittances, which, according to World Bank figures, amounted to $20 billion in 2023. He urged the government to focus on this resource during a speech at Channels Television’s Independence Day event, titled Nigeria’s Challenging Economy: Strategies For Recovery.
Ajayi-Kadir highlighted the need to maximize oil revenues while eliminating any human, structural, or systemic obstacles and stressed that diaspora remittances have the potential to significantly bolster the country’s foreign exchange reserves.
“We must address the issue of diaspora remittance, as it could provide more forex than Nigeria currently receives. These funds are essential to easing the forex challenges we are facing,” he said.
He expressed optimism that resolving these issues could help relieve the foreign exchange crisis, which has severely impacted production across the country. “Nigeria doesn’t need to suffer endlessly,” Ajayi-Kadir added.
