The Nigerian diaspora has made a significant impact on the country's economy, contributing approximately $20 billion annually, which accounts for 6.1% of Nigeria's Gross Domestic Product (GDP). This announcement was made on September 19, 2024, during Africa Diaspora Day at the U.S. Capitol, highlighting the importance of diaspora contributions to national economic growth [74742bc1].
Abike Dabiri-Erewa, the chairman and CEO of the Nigerians in Diaspora Commission (NiDCOM), emphasized the need for strategic partnerships between the Nigerian government and its diaspora during a recent convocation lecture at Afe Babalola University on October 20, 2024. She highlighted the potential of Nigerians abroad in driving national development and urged collaboration through government programs. Dabiri-Erewa cited successful examples from countries like India, China, and Singapore, which have effectively harnessed diaspora skills to boost their economies [65026e19].
In addition to diaspora contributions, U.S. foreign direct investment (FDI) to Nigeria has also seen a positive trend, increasing by 7%. This was announced by Consul General Will Stevens at the 2024 Women Enterprise Day on November 24, 2024. He noted that U.S. trade with Nigeria rose from $10 billion to $11.3 billion, emphasizing the importance of supporting women entrepreneurs in Nigeria and their significant economic impact [2a7098cf].
The event, held at the Providus Bank head office in Lagos, showcased the success of female entrepreneurship, with Providus Bank providing N20 million to a female startup that grew her business income to over N1.2 billion. Stevens highlighted that women own 41% of SMEs in Nigeria, contributing 48% to the GDP, and underscored the role of female entrepreneurship in job creation and poverty reduction [2a7098cf].
The growing contributions from the diaspora and the increase in U.S. investment are seen as vital components of Nigeria's economic strategy, especially as the country seeks to diversify its revenue sources and reduce dependency on oil. The Nigerian government is keen on leveraging this potential by creating a conducive environment for investment and encouraging more Nigerians abroad to participate in national development [74742bc1]. Aare Afe Babalola, during the convocation, praised Nigeria's resources and encouraged the youth to utilize opportunities at home, reinforcing the message of collaboration and engagement with the diaspora [65026e19].