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The Central Bank of Nigeria (CBN) has initiated targeted engagements with the Nigerian diaspora to enhance remittance flows into the country, aiming to support economic stability and growth.
In a statement released on Thursday, the CBN outlined its approach, explaining that a combined team from the CBN, the Nigeria Inter-Bank Settlement System (NIBSS), major Nigerian banks, and international money transfer operators held a strategic forum in Houston, Texas, titled “Optimising Remittances to Nigeria: A Vision for the Future.”
During the forum, the CBN Deputy Governor (Economic Policy) emphasized the importance of remittance inflows for Nigeria’s economic framework, expressing the bank’s commitment to doubling capital inflows from the diaspora. The Deputy Governor highlighted that strengthening Nigeria’s macroeconomic fundamentals is essential to fostering a private sector environment capable of generating quality jobs.
Deputy Governor (Financial System Stability) Philip Ikeazor added that remittances should be viewed as not only a financial lifeline but also a significant driver of long-term investments that can support national development. He encouraged integrating remittance flows into broader economic strategies to maximize their impact on the country’s growth.
Nneka Onyeali-Ikpe, CEO of Fidelity Bank, addressed challenges Nigerian expatriates face, noting high transaction costs and limited access to banking services. She emphasized the potential for collaboration between banks and fintech firms to streamline the remittance process and reduce barriers.
Yemisi Edun, CEO of First City Monument Bank, stressed the need to build trust in the remittance system to ensure Nigerians abroad feel confident in sending funds home. Discussions also covered Nigeria’s risk status on the Financial Action Task Force’s grey list, with LemFi CEO Olalere Ridwan explaining that improvements to Nigeria’s financial risk profile could make remittances more cost-effective.
Dr. Oliver Alawuba, Group Managing Director/CEO of United Bank for Africa and Chair of the Body of Banks’ CEOs in Nigeria, underscored the need for stronger partnerships among banks, fintechs, and regulatory bodies to maximize the potential of remittances for national development.
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