How Nigerians Abroad Contribute $20bn Annually to Economy

Four Nigerian professionals residing in the United States (US) have advocated for diaspora voting.

According to them, Nigerians abroad contribute over $20 billion annually to the economy and should therefore have a say in the presidential elections.

These professionals appeared on the Sunday edition of Inside Sources with Laolu Akande, a socio-political programme on Channels Television.

The guests included Simon Ibe, Publisher of Global Patriot Newspaper in New Jersey; Kunle Deru, a New York Attorney and former President of the Nigeria Lawyers Association in New York; Williams Ekanem, Professor of Communications and Media at Suffolk County College, New York; and Gbenga Omotayo, CEO of US-Africa Business Week, New York.

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According to the World Bank, remittances from Nigerians living abroad reached $20 billion in 2023.

Ibe said:

“Diaspora voting has been a recurring topic, and I believe the time for its realisation is now. Many countries less endowed than Nigeria have already implemented diaspora voting.

“Given the public knowledge that diaspora remittances to Nigeria exceed $20 billion annually, those contributing significantly to the country should have a say in its leadership.”

The Diaspora Voting Rights Bill, currently in the House of Representatives, passed its second reading on July 9, 2024.

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This bill aims to amend the Electoral Act, 2022, to allow Nigerians abroad to vote in future elections.

Ibe said:

“Let the bill be passed and the process for its implementation begin. It should be done.”

Deru remarked:

“Where there is a will, there is a way. While it may not be achievable in the next electoral cycle, we can at least set a target and a goal. There is much to be done, but we should work towards it, even if it takes a decade.”

Ekanem disclosed that diaspora voting is overdue but stressed the importance of ensuring that votes count for the exercise to be effective.

He said:

“We all know elections are a game of numbers. The critical question is: will my vote count? This will be a significant factor. Even with the policy and modalities in place, a large turnout is expected, but if votes do not count, it will be discouraging.”

Ekanem suggested starting with a pilot project in one or two countries before expanding it further.

Omotayo revealed that diaspora remittances to Nigeria surpass foreign direct investment, underscoring the need for diaspora voting.

He said:

“Remittances far exceed foreign direct investment. If a group of people can send money home, and that amount surpasses all incoming investments, they should be part of the decision-making process. The government must find a way to make it work.”