This is a significant incentive for diaspora remittances as it allows individuals to maximize their returns when investing in Nigeria. Additionally, the expert suggests that creating an enabling environment for business and investment will further encourage diaspora remittances. This can include implementing policies that promote ease of doing business, reducing bureaucratic hurdles, and providing incentives for foreign investors.

Feranmi Olaseinde

Feranmi Olaseinde

Aug 26, 20232 min read

0

This is a significant incentive for diaspora remittances as it allows individuals to maximize their returns when investing in Nigeria. Additionally, the expert suggests that creating an enabling environment for business and investment will further encourage diaspora remittances. This can include implementing policies that promote ease of doing business, reducing bureaucratic hurdles, and providing incentives for foreign investors.

Furthermore, the expert emphasizes the importance of building trust and confidence among the diaspora community. This can be achieved by ensuring transparency and accountability in governance, as well as effectively combating corruption. When diaspora individuals feel confident that their remittances will be used for the intended purposes and that their investments will be protected, they will be more inclined to send money back to their home country.

Another key aspect highlighted by the expert is the need to improve financial infrastructure and services. This includes expanding access to banking services, promoting digital financial solutions, and reducing transaction costs. By making it easier and more convenient for diaspora individuals to send money back to Nigeria, the likelihood of increased remittances will rise.

In conclusion, encouraging more diaspora remittances requires a multifaceted approach. This includes unifying the exchange rate, creating an enabling business environment, building trust and confidence, and improving financial infrastructure and services. By implementing these measures, Nigeria can tap into the potential of diaspora remittances and leverage them for economic growth and development.

Actionable advice:

  • 1. Create a platform for engagement: Establish a platform or forum where diaspora individuals can actively participate and contribute to discussions on investment opportunities, policies, and development initiatives in Nigeria. This will not only provide a space for exchanging ideas but also foster a sense of belonging and involvement among the diaspora community.
  • 2. Strengthen partnerships with diaspora organizations: Collaborate with diaspora organizations and associations to create programs and initiatives that promote investment and entrepreneurship in Nigeria. By leveraging the networks and expertise of these organizations, the government can tap into the diaspora community's knowledge and resources.
  • 3. Invest in education and skills development: Provide educational and training opportunities for diaspora individuals who are interested in investing or starting businesses in Nigeria. This can include scholarships, mentorship programs, and capacity-building workshops. By equipping the diaspora community with the necessary skills and knowledge, they will be better positioned to contribute to the country's economic growth.

Resource:

  1. "How to Do Great Work", http://paulgraham.com/greatwork.html?utm_source=tldrnewsletter (Glasp)
  2. "Expert: How FG can encourage more diaspora remittances | TheCable", https://www.thecable.ng/expert-how-fg-can-encourage-more-diaspora-remittances/amp (Glasp)

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