In a significant move to optimize remittance flows and strengthen Nigeria’s economy, the Central Bank of Nigeria (CBN) launched a series of engagements with the Nigerian diaspora community in Houston, Texas. The event, titled “Optimising Remittances to Nigeria: A Vision for the Future,” brought together a team from the CBN, the Nigeria Inter-Bank Settlement System, key Nigerian banks, and International Money Transfer Operators.
Addressing the gathering, CBN Deputy Governor (Economic Policy) Adebayo Adelabu underscored the bank’s commitment to increasing remittance inflows to Nigeria. “We aim to double the volume of capital inflows and diaspora remittances, a critical factor in Nigeria’s financial stability,” Adelabu said. He highlighted the CBN’s efforts to create a supportive macroeconomic environment for private sector growth, aiming to stimulate job creation and drive inclusive economic progress.
CBN Deputy Governor (Financial System Stability) Philip Ikeazor echoed these sentiments, describing remittances as an essential investment tool for national development. “Remittances must go beyond consumption; they are a vehicle for sustainable growth,” Ikeazor noted, emphasizing the need to integrate these funds into broader economic planning.
Industry stakeholders also contributed valuable insights. Nneka Onyeali-Ikpe, CEO of Fidelity Bank, pointed out that high costs and limited access to financial services remain significant obstacles for diaspora Nigerians. She suggested that collaboration between banks and fintechs could alleviate these challenges, making remittances easier and more cost-effective.
Yemisi Edun, CEO of First City Monument Bank, stressed the importance of building trust within the remittance system to foster more reliable and efficient transactions. Additionally, Olalere Ridwan, CEO of LemFi, emphasized that removing Nigeria from the Financial Action Task Force’s grey list would reduce transaction costs, further promoting remittance inflows.
Dr. Oliver Alawuba, Group Managing Director/CEO of United Bank for Africa and Chairman of the Body of Banks’ CEOs in Nigeria, called for increased collaboration among financial institutions, regulators, and fintechs to harness the full potential of remittances for national growth.
The forum reflects the CBN’s broader strategy to capitalize on Nigeria’s vast diaspora network, fostering remittances as a powerful engine for economic stability and growth in a time of significant economic reforms.