Economy News Correspondent
Ruth Ogbechie
Nigeria’s Central Bank Governor, Olayemi Cardoso, has called on commercial banks to play a stronger role in boosting the nation’s Diaspora remittances, setting an ambitious target of $1 billion monthly by 2026.
Speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Cardoso highlighted the strategic importance of remittances in stabilizing foreign exchange markets and fueling sustainable economic growth.
According to him, Nigeria has already recorded remarkable progress in this area, with inflows rising from $250 million to $600 million per month within a short period. This improvement, he explained, was largely the outcome of coordinated international outreach programs led by the CBN in partnership with Nigerian banks to engage with Diaspora communities across the globe.
“Achieving the $1 billion benchmark will now depend on how aggressively our banks embrace this drive,” Cardoso said. “Remittances remain one of the most critical buffers for our foreign reserves and an enabler for broader macroeconomic transformation.”
The CBN governor commended the CIBN for sustaining a platform where stakeholders can align on reform strategies, describing the annual conference as vital to building investor confidence and shaping policy direction.
Tinubu Backs Reforms with Technology and Transparency
In his remarks, President Bola Tinubu reinforced the administration’s commitment to comprehensive reforms that would deliver inclusive growth. He emphasized the government’s adoption of digital innovation, Artificial Intelligence (AI), and data-driven tools to ensure transparency and financial visibility.
“For the first time, Nigeria is deploying real-time systems that allow full visibility into government finances,” Tinubu noted. “This will strengthen our capacity to implement reforms that bring long-term stability to the naira and deepen investor trust.”
The president called on banks, regulators, and stakeholders to actively support the agenda, stressing that Diaspora inflows, digital innovation, and financial sector resilience must go hand in hand to reposition Nigeria’s economy.
NiDCOM and NASENI Join Forces for Diaspora Innovation
Beyond financial inflows, Nigeria is also turning to its Diaspora communities for skills, expertise, and innovation. The Nigerians in Diaspora Commission (NiDCOM) and the National Agency for Science and Engineering Infrastructure (NASENI) have unveiled a joint initiative to bridge local innovators with Diaspora scientists, engineers, and entrepreneurs.
During a strategic meeting, NiDCOM Chairman, Abike Dabiri-Erewa, described the collaboration as a “timely intervention” that would accelerate technology transfer and strengthen Nigeria’s innovation ecosystem.
Executive Vice Chairman of NASENI, Khalil Suleiman Halilu, disclosed that two flagship projects are already in the pipeline. The first is a government-backed payment platform modeled after global fintech giants like Revolut. It will be seamless, multi-currency, flexible, and capable of real-time monitoring—offering affordable and efficient solutions for Diaspora remittances.
The second project is focused on engaging Nigerians abroad in science, technology, and entrepreneurship to co-develop practical solutions that directly impact economic growth.
Looking Ahead
Analysts believe that if the banking sector rallies behind the CBN’s vision, Nigeria could soon become one of the leading global recipients of Diaspora remittances. With inflows already surpassing $600 million monthly, the $1 billion goal—though ambitious—appears within reach.
Coupled with government-backed reforms, digital innovations, and Diaspora-driven innovation, Nigeria is positioning itself not just to stabilize its foreign exchange market, but also to harness the collective strength of its citizens at home and abroad to build a more resilient and technology-driven economy.
