Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has pledged to tackle the high charges associated with remittances flowing into Nigeria.
Dr. Cardoso met with Hon. Abike Dabiri-Erewa, the Chairman/CEO, and the Management of Nigerians in Diaspora Commission (NiDCOM) during their courtesy visit to the CBN headquarters in Abuja.
Dr. Cardoso expressed concerns about the irregular status of remittances and assured that thorough investigations would be conducted.
He is committed to taking the necessary actions to ensure that Nigeria remains the highest receiver of remittances in Sub-Saharan Africa, surpassing even Egypt.
As per World Bank statistics, the value of diaspora remittances to Nigeria in 2022 exceeded an impressive $22 billion.
This underlines the significance of this source of income to the Nigerian economy.
Dr. Cardoso praised the progress and initiatives achieved by NiDCOM within the last four years.
He called for a stronger collaboration between the CBN and NiDCOM, emphasizing that any obstacles hindering remittances would be swiftly addressed.
Hon. Abike Dabiri-Erewa raised concerns about the high tax rates associated with remittances in Nigeria.
She pointed out that Nigeria has one of the highest tax rates on remittances globally.
Dabiri-Erewa urged the leadership of the CBN to partner with NiDCOM in various initiatives, including the National Diaspora Policy, where the CBN plays a significant role.
Other initiatives like Diaspora Data Mapping, Nigerian Diaspora Investment Trust Fund, Diaspora Quarterly Lectures, Badagry Door of Return, and Nigeria Diaspora Investment Summit aim to mobilize and increase Diaspora Remittances.
