The recent revelation by Mr Ike Chioke, the Group CEO of Afrinvest Ltd on the high-level remittances from Nigerians in the Diaspora to the Country as compared with actual export proceeds from Oil and Gas operations has brought to the fore the potential of Nigeria becoming a human capital nation rather than oil and gas. Mr Chioke asserted in his presentation that Nigeria earned $25bn in 2018 from Diaspora remittances compared with $18b from gross crude oil and gas sales.
The United States of America which recorded a net outflow of $141billion accounted for $6.2billion of Nigeria’s inflow. Other significant inflows to Nigeria came from UK - $4.1billion, Cameroon - $2.5billion and Italy - $1billion. Cameroon is a big surprise on the list and will make an interesting topic for further research.
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