Dr. Christopher Otabor, Chief Medical Director of Alliance Hospital, Abuja, has called on the federal government to incentivize diaspora funding to boost income generation.
Speaking at a keynote lecture organized by the Medical and Dental Council of Nigeria at the Federal Medical Centre, Jabi, Abuja, Dr. Otabor highlighted that Nigeria currently receives about $20 billion in diaspora funding, but there is significant untapped potential.
Dr. Otabor, who is also the Chief Consultant Orthopedic Surgeon at Alliance Hospital, expressed concern that Nigeria has yet to fully leverage diaspora funding, unlike countries such as India which have successfully capitalized on it.
He suggested that with proper incentives, Nigeria could potentially generate up to $50 billion annually from diaspora contributions.
He urged the government to explore and expand strategies for diaspora funding to unlock this potential revenue stream.
He said:”Diaspora funding is one area that we are not exploring. As we speak today,the diaspora earns us more money as a country than oil.
“We get about $20 billion from the diaspora. Is there a way the government can incentivize this money to come in? The Indians do this alot.If we incentivize it,we can get $50 billion from the diaspora fund.
” The government can create incentives that please,make your money and bring it and it would be tax free,we can even give you at a good rate and stuff like that. The Indians mobilize their funds abroad,why are they doing that? Because the environment at home is friendly. If it was harsh,they will not,they will find another place to put it. So diaspora funding is a low hanging fruit that the government can encourage to grow, “he added.
Speaking on how to strengthen Nigeria’s healthcare system during economic crisis,the medical expert listed leadership, innovation, efficient healthcare insurance, responsive and responsible budgeting, economy of large scale supply, preventive healthcare services, among others as the way out.
“Innovation is important in a crisis situation like this .There is a saying that necessity is the mother of invention. We cannot continue to do things the same old ways and expect different results..Now,we must look for better ways of doing things.
