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The Central Bank of Nigeria (CBN) has initiated a strategic campaign to strengthen ties with the Nigerian diaspora, aiming to amplify remittance inflows critical to the nation’s financial health and economic resilience. The campaign, developed in partnership with the Nigeria Inter-Bank Settlement System, major Nigerian banks, and International Money Transfer Operators, launched at a forum in Houston, Texas. Themed “Optimising Remittances to Nigeria: A Vision for the Future,” the event focused on long-term strategies to harness the economic potential of diaspora remittances.
At the forum, CBN Deputy Governor for Economic Policy, Abubakar Abdullahi, outlined the bank’s commitment to doubling capital inflows and diaspora contributions. He emphasized that a robust remittance framework is key to driving inclusive growth and job creation amid Nigeria’s ongoing economic reforms. “Our strategy emphasizes leveraging remittances to support sustainable economic growth and deepen financial inclusion,” Abdullahi stated.
Philip Ikeazor, CBN’s Deputy Governor for Financial System Stability, highlighted the need to view remittances beyond household consumption. He suggested integrating these funds into national development plans to amplify their impact on long-term growth.
Industry leaders also weighed in on enhancing the remittance landscape. Nneka Onyeali-Ikpe, CEO of Fidelity Bank, identified high transaction fees and limited access to financial services as primary barriers for Nigerians abroad. She called for collaboration between banks and fintechs to make remittances more efficient and affordable. Similarly, Yemisi Edun, CEO of First City Monument Bank, stressed the importance of building trust in the remittance framework to encourage higher inflows.
Olalere Ridwan, CEO of fintech firm LemFi, underscored the impact of Nigeria’s Financial Action Task Force (FATF) grey-list status, noting that lowering this risk profile could reduce transaction fees, making remittance channels more accessible. Dr. Oliver Alawuba, Group Managing Director/CEO of United Bank for Africa and Chair of Nigeria’s Body of Bank CEOs, advocated for stronger collaboration between banks, regulators, and tech firms to fully harness the economic contributions of the Nigerian diaspora.
This campaign aligns with CBN’s broader strategy to channel diaspora funds into sustainable development, positioning remittances as a cornerstone in Nigeria’s economic growth agenda.
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