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CBN: THE DIASPORA EXPLORATION

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By Dr Ibrahim Modibbo

In the race towards globalisation and multiculturalism in modern economies, consensus is built around strategic thinking for the common good of the people. Conscious of the enormity of myriad of problems confronting the Nigerian economy, the Central Bank of Nigeria is strategising with focus on exploring the threshold of the problems with a defined trajectory of revamping the economy.

In a world increasingly driven by the movement of people, the financial contributions of Diasporas are becoming indispensable to many nations’ economic development.

For Nigeria, a country with one of the largest diaspora populations globally, remittances should be considered as a critical lifeline, not only for millions of households but for the national economy.

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Recognising this potential, the CBN under the leadership of Governor Olayemi Cardoso has embarked on a strategic campaign to strengthen the ties between the Nigerian diaspora and the country’s financial system, with the objective of turning remittances into a powerful engine for sustainable economic growth.

At the heart of this initiative is the CBN’s recent engagement in Houston, Texas, United States of America, where the Deputy Governor (Economic Policy), Muhammad Sani Abdullahi, led a team of stakeholders in a forum titled: “Optimizing Remittances to Nigeria: A Vision for the Future.”

The forum, which featured representatives from the Nigeria Inter-Bank Settlement System, major Nigerian banks, and International Money Transfer Operators, was part of a larger series of engagements to improve remittance flows and maximise their impact on Nigeria’s economic development.

Remittances are a crucial component of Nigeria’s economy, with the World Bank reporting average inflows of $20.5 billion annually over the past decade. However, much of this money is directed towards consumption, with only a fraction being utilised for investments that could foster long-term development.

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This is where the CBN’s current efforts are groundbreaking. Governor Cardoso’s administration is focused on transforming remittances from mere tools of consumption into catalysts for growth, highlighting the importance of strategic investments in sectors like real estate, technology, infrastructure, and manufacturing.

In addressing the Houston forum, Abdullahi highlighted the importance of engaging the Nigerian diaspora in this vision, stressing the need to channel remittances into productive sectors that can spur inclusive economic growth, create jobs, and foster financial inclusion.

“We are committed to doubling the volume of capital inflows and remittances to Nigeria,” Abdullahi said, reiterating Governor Cardoso’s focus on strengthening Nigeria’s macroeconomic fundamentals to create an enabling environment for private sector growth.

The point cannot be overemphasised that the Governor Yemi Cardoso-led CBN has taken a bold and laudable step. With over 20 million Nigerians living abroad, most of whom are professionals doing exceptionally well, the potential for remittance inflows is enormous.

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If well-harnessed through targeted policies, roadshows, and greater financial literacy, the Nigerian diaspora can become a significant driver of the country’s economic resurgence.

Nigeria is not the first country to recognise the potential of diaspora remittances as a key driver of economic development.

Countries like India, Mexico, and the Philippines have successfully tapped into their diaspora populations, transforming remittances into long-term investments that have fuelled economic growth.

India, for example, has one of the largest diaspora populations in the world, and remittances have played a pivotal role in its economic development. In 2022 alone, India received over $89 billion in remittances, accounting for approximately 3% of its GDP.

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The Indian government created various investment-friendly policies and programs that encouraged its diaspora to invest in infrastructure, real estate, and business ventures. These initiatives transformed remittances from a safety net into a source of capital that has helped modernise India’s economy, improve infrastructure, and boost employment.

Similarly, Mexico’s remittance inflows – largely from the United States – have been instrumental in reducing poverty and improving education and healthcare in rural areas. By fostering financial inclusion and providing investment opportunities, the Mexican government ensured that remittances were not just a stop-gap measure for consumption but also a foundation for long-term national development.

Nigeria can – and should – follow this examples. The bold step by Governor Cardoso and his team in initiating direct dialogue with the diaspora is a critical first move in this direction. With the right policies, including lower transfer costs, improved access to financial services, and incentives for investment, Nigeria could not only increase remittance inflows but also ensure they contribute to the country’s sustainable development.

One of the more immediate effects of harnessing remittances effectively is the potential impact on the value of the Naira. As more foreign currency flows into the country, the supply of foreign exchange increases, helping to stabilise the local currency. With Nigeria’s current struggles with exchange rate volatility, boosting remittance inflows could play a significant role in strengthening the Naira.

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Governor Cardoso’s strategic vision is timely. If, without targeted efforts, Nigeria has been receiving $20.5 billion annually, there is no reason to believe that with proper engagement, these figures cannot double or even triple in the next few years. As the CBN continues its outreach to Nigerians abroad, more opportunities will open up for the diaspora to contribute to Nigeria’s development in meaningful ways.

This is a point some of us have been advocating for years: with the unprecedented number of Nigerians in the diaspora, if a proper roadshow and guidelines are put in place to encourage more remittances, it will not only boost development in the country but also strengthen the value of the Naira. Governor Cardoso’s initiative marks a pivotal moment in this ongoing discussion and deserves applause for taking such a bold and innovative step.

One of the key takeaways from the Houston forum is that collaboration is crucial. No single institution can unlock the full value of remittances alone. As noted by Dr. Oliver Alawuba, the Group Managing Director of UBA, the combined efforts of banks, regulators, fintechs, and international transfer operators are essential to creating an ecosystem where remittances can thrive. This is especially important as remittances transition from being a safety net for individual households to a tool for national development.

The collaboration among the stakeholders is key as seen at the Houston event, ensuring that remittances are not only easier to send but also more cost-effective. By doing so, remittances can serve as a powerful instrument for financial inclusion, giving more Nigerians abroad access to banking services, savings products, and investment opportunities.

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With the current initiative, the CBN is positioning Nigeria to unlock the full potential of its diaspora population. The $20.5 billion in annual remittances is just the beginning. This figure could easily skyrocket in the coming years, providing the necessary funds for infrastructure development, job creation, and overall economic growth.

The bold steps taken by Governor Olayemi Cardoso and his team at CBN will soon mark a turning point in Nigeria’s economic journey.

With the vision of transforming remittances from a tool of consumption to an instrument of development, the CBN is not only empowering the diaspora but also driving the nation towards a brighter, more prosperous future. This is an initiative that deserves both recognition and support.

Ibrahim Modibbo Ph.D, writes from Abuja, Nigeria

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Stone Age lost Atlantis about 8,500 years discovered beneath the waters of Denmark

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By Ojomah Austin.

 

The mystery of Atlantis has created a city-sized gap in our grasp of history, with archaeologists searching the oceans for any trace of this submerged civilisation.

A prominent theory suggests that Atlantis never actually existed. Nevertheless, as we’re now aware, the notion of a coastal settlement being consumed by the ocean is entirely plausible.

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Subsequently, archaeologists in Europe believed they’d discovered the missing piece of the puzzle. You wouldn’t necessarily expect Denmark to be the maritime location of an exotic lost metropolis from ancient times, yet this is precisely where archaeologists unearthed the most compelling proof of Atlantis, according to Global News.

“Europe’s Atlantis”, stretching back to the Stone Age, was discovered beneath the waters of Denmark’s Bay of Aarhus. Researchers unearthed numerous artefacts that paint a picture of a civilised community that inhabited the area nearly 8,500 years ago.

These included stone implements, arrowheads, animal remains, and even fragments of timber that appeared to be rudimentary tools.

Researchers plunged 26 feet beneath the surface of Denmark’s second-largest city, employing specialised suction apparatus, to retrieve the remains of Europe’s Atlantis.

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The location dates back to the conclusion of the last Ice Age, when climbing sea levels submerged entire coastal communities, forcing Stone Age hunter-gatherer societies inland.

Because the artefacts have remained underwater for millennia, they are significantly better preserved than they would be inland. “What we actually tried to find out here is how life was at a coastal settlement 8,500 years ago,” archaeologist Peter Moe said.

He added: “Here, we actually have an old coastline. We have a settlement that was positioned directly at the coastline. What we actually try to find out here is how was life at a coastal settlement.

“It’s like a time capsule. When sea level rose, everything was preserved in an oxygen-free environment … time just stops. We find completely well-preserved wood. We find hazelnut. … Everything is well preserved.

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“We can say very precisely when these trees died at the coastlines,” Moesgaard Museum dendrochronologist Jonas Ogdal Jensen, according to Fortune.

 

The specialist explained how this remarkable find has shed considerable light on how sea levels have shifted throughout history.

Stone Age lost Atlantis found is Denmark

He said: “It’s hard to answer exactly what it meant to people,” Moe Astrup said. “But it clearly had a huge impact in the long run because it completely changed the landscape.”

Researchers are keen to press ahead with investigations at a further site off the German coastline, with ambitions to examine locations in the notoriously unforgiving North Sea also in the pipeline.

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Yet this is not the first occasion archaeologists have drawn comparisons between a site and Atlantis. Doggerland was a landmass that once extended between Britain, Denmark, and the Netherlands, linking the corners of Europe.

In 1931, evidence of this lost territory began to emerge after a Dutch fishing vessel retrieved artefacts from the seabed. A portrait of a hunter-gatherer community thousands of years old began to take shape. Yet, some 8,200 years ago, rising sea levels and a catastrophic tsunami ultimately swallowed this civilisation whole.

A colossal underwater landslide set off a chain of unstoppable natural disasters that plunged the landmass beneath the waves. Today, all that remains of this lost world lies buried under the North Sea.

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Amnesty International condemns attack on Abuja protesters as Sowore lands in hospital

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By Kayode Sanni-Arewa

Condemns his alleged “deliberate targeting”

Amnesty International has condemned what it described as a “reckless attack on peaceful protesters” during a Democracy Day demonstration in Abuja, where activist and African Action Congress 2027 presidential candidate, Omoyele Sowore, reportedly collapsed after security operatives allegedly fired teargas.

In a statement released on Friday, the rights organisation said Sowore was “subsequently taken to a hospital” following the incident at Unity Fountain, Abuja, and called for an immediate investigation into what it described as his “deliberate targeting.”

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The Nigerian authorities are clearly using violence to crack down on human rights, including the rights to freedom of expression and peaceful assembly,” the statement said.

Amnesty International also warned that targeting activists for participating in peaceful demonstrations amounted to unlawful conduct and a breach of fundamental rights.

“Such targeting of activists solely for exercising freedom of assembly is unlawful and shows utter disregard for the rule of law,” it said.

The organisation further accused the authorities of failing to demonstrate commitment to constitutional and international human rights obligations, alleging a continued crackdown on civic freedoms under President Bola Tinubu’s administration.

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Sowore’s collapse reportedly occurred during a protest in Abuja where security operatives allegedly dispersed demonstrators with teargas in front of the Force Headquarters.

Videos shared online showed him on the ground amid confusion as protesters attempted to assist him.

The protest was part of a nationwide mobilisation by a coalition of civic groups, labour activists, youth organisations and social movements, which had declared June 12 a day of mass action over insecurity, economic hardship and worsening living conditions. (Text, excluding headline:

(The PUNCH)

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Falana, Falz lead protest over kidnappings, hardship

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By Kayode Sanni-Arewa

Activist lawyer, Mr Femi Falana (SAN), his son – afrobeats singer, Mr Folarin Falana, popularly known as Falz, alongside civil society organisations, youth groups, among others, on Friday staged a protest in Lagos.

They demanded urgent action to address worsening insecurity and economic hardship in the country.

The protest came as Nigeria marked Democracy Day, set aside in remembrance of the June 12, 1993 presidential election, widely acclaimed to have been won by late Chief MKO Abiola.

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The election, though regarded as the freest and fairest in the nation’s history, was annuled by the then military government.

Chanting, the protesters converged on the Ikeja Under Bridge, carrying placards with inscriptions such as “No Democracy Without Security,” End Bad Governance,” and “End Insecurity and Kidnapping.”

Others include, “End Hunger,” “Free All Captives Now,”End all anti-people policies now,”

The demonstration was aimed at drawing attention to rising insecurity, economic hardship and policies affecting ordinary Nigerians.

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Speaking during the protest, Falana called for the immediate release of abducted pupils and teachers in Oyo State, expressing concern over their welfare in captivity.

According to him, the protest is not only about demanding the rescue of the abducted victims but also about highlighting broader issues of injustice, insecurity and poverty confronting Nigerians.

“We are protesting the kidnapping of our children in Oyo State. We are also protesting injustice in our country, a situation whereby innocent school children in Oyo and Borno states have been in the custody of criminals for several weeks now.

“We are also protesting injustice meted out to young people who are regularly arrested on the highways by the police.

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“We are protesting hunger and poverty in the land, and we are calling on the government to address these challenges,” he said.

Falana, a human rights advocate, lamented the condition of the abducted children and teachers, and regretted the killing of one of the latter.

He called on the authorities to intensify efforts to secure the release of the remaining victims.

Also addressing the protesters, Falz bemoaned what he described as worsening insecurity and economic hardship across the country.

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The entertainer and activist said Nigeria was grappling with increasing cases of kidnappings and killings, urging the government to do more in its responsibility of protecting the citizens.

“Everybody can see the worsening insecurity. It is becoming unbearable,” he said.

Falz cited recent abductions in different parts of the country, including the kidnapping of students and the abduction of a relative of a former minister in Oyo State.

“Every Nigerian life matters and must be protected at all costs,” he stated.

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He said that the repeated abduction of students had heightened public frustration and anxiety.

Also speaking, human rights activist, Mr Olumide Ogunsanwo, popularly known as Seaking, called for stronger government action to tackle insecurity across the country.

He said Nigerians were demanding better governance and an end to the growing wave of killings, kidnappings and other violent crimes.

“We say no to insecurity. Insecurity has to end,” he said.

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Ogunsanwo urged the Federal Government to intensify efforts against bandits, insisting that decisive action, rather than rhetoric, was needed to end the insecurity.

Security operatives maintained presence around the protest venue and monitored activities throughout the demonstration.

(NAN)

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