It doesn’t mean that someone put $22 billion on a ship and sent it to Nigeria. for them to find a rallying point to vent their frustration. Fortunately, the agitation can still be managed but time is running out. Like most companies, First Bank’s revenue (Net interest income) took a hit as stated in its Q2 2020 Y-O-Y results. Not only does it have a comfortable buffer against regulatory requirements; it has the available financial resources to look out for emerging business opportunities, and fully deepen its strengths in its core business areas. The latest statistics showed that Nigeria’s diaspora remittances were estimated at $25.08 billion in the year 2018. Similarly, the further breakdown shows Nigeria’s total capital importation (FDI, Portfolio Investment and other investments) dropped from $20.7 billion in 2014 to 16.8 billion in 2018. But the remittance market is still evolving, as well as regulations, as the country fosters the innovation and transparency it needs while developing a sound payment ecosystem. Recently speaking to Nairametrics, the Chief Economist for Businessday, Nonso Obikili (PhD), stated that although remittances have been on a steady rise for over a decade, they are still a small fraction of the foreign exchange inflows. A Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc. Investments in mega tech hubs across the country, establishment of recreation zones in major cities must be carried out by State Governments, to keep them engaged in activities that can better their lives. “Nigerian BDCs operators have also identified with the immense opportunities presented by Diaspora remittances and want to play a greater role in attracting more foreign capital into the economy. Ayogu, accusing the CBN governor and the management team of compromise in the allocation of foreign exchange. In recent times, the inflow of diaspora’s remittances has been on the rise as more Nigerians who abandon the country in search of greener pastures abroad, send foreign currencies to their families. According to data from the National Bureau of Statistics, Youth. Crude oil is still the dominant source and so fluctuations in crude oil prices still have effects on the currency. READ: We wanted to help users pay themselves first – Piggyvest. In a recent report, the World Bank stated that in the period of the financial crisis, remittance-receiving countries with a more dispersed migrant population enjoyed more than their counterparts. In a recent report, PwC disclosed that remittances from abroad could strengthen Nigeria’s economy with an estimated amount of $34.8 billion by 2023. This site uses Akismet to reduce spam. Students and young Nigerians also need to be offered grants and palliatives to help them cushion the effects of an economic crunch that is in no way their making. the last 6 years, Nigerians in Diaspora sent an estimated $96.5 billion to the country. Being the first entrant to any industry, no matter how lucrative, is only an advantage when there is zero competition. University students have also been at home for months, Their parents are also facing tougher economic conditions with inflation rate galloping past 13%, after multiple devaluations and the removal of fuel subsidy. It is frustrating the present (administration’s efforts) to eradicate poverty and unemployment from all the nooks and crannies of Nigeria,” a member, Senate Committee on Finance, Senator Ayo Akinyelure (PDP, Ondo Central), said. No fraud there.”. While the bank has everything to be thankful for, care should still be taken towards driving its growth objective. There is still a window for the government to de–escalate tensions, and it is not just by accepting the terms of protesters on paper and making bogus pronouncements. This doesn’t mean that remittances have no effect but because they don’t fluctuate so you tend to not see those effects. Direct remittances inflow picked in 2014, as Nigeria received a total of $8.15 billion. AgriTech firms make promises of mouth-watering returns, but what they do not reveal loud enough is just how risky the investment is. Learn how your comment data is processed. AgriTech Investments as they have come to be known has gained popularity as a viable investment option for Nigerians, who are still afraid of investing in the stock market. With over N9trillion in remittances in 2019 and an appetite for investment, the Nigerian Diaspora market is enormous but remains largely untapped. The business model appears simple and easy for any basic investor to understand. Thus, says Thrive Agric, a popular AgriTech company that crowdsources funds from investors in exchange for a profit. Recently President Muhammadu Buhari (PMB) affirmed the growing importance of Diaspora remittances to the growth and development of Nigeria’s economy based on 2019 figures released by the World Bank. Nigeria received $17.57 billion in direct diaspora remittances between January and November 2019. That’s what financial intermediation is all about. Fund a farmer, make a profit! In a similar vein, the bank’s total assets was boosted by 14.9% year-to-date from ₦6.2 trillion as at Dec 2019 to ₦7.1 trillion in June, 2020. The latest, anger over the alleged violent killings and, have called for the unit to be disbanded and. The investor was taking none of the excuses, resulting in a name and shame on twitter that has since gone viral. For investors, while an amazing growth opportunity does exist especially given its new resources, the best bet is to hold as a dividend stock, patiently waiting for its long-term growth strategies to play out in the years to come. For instance. murdering innocent Nigerians need to be made to face justice. Meanwhile, it has been widely established that the officially recorded remittances into the country are much lower than the actual remittances that take place through unofficial channels. Findings have also shown that forex remittances from Nigerians in the Diaspora far exceeded the country’s earnings from crude oil export last year. READ: We wanted to help users pay themselves first – Piggyvest. READ: Where to invest your N5m to N500m safely and securely. A quick check into capital importation data showed that Foreign Direct Investment (FDI), which is a major component of Nigeria’s capital importation fell from $2.27 billion in 2014 to $1.19 in 2018. It seems that the target of this robbery is to stop the efforts we are making to mass produce the first ever locally mad... Denrele Animasaun Never be afraid to raise your voice for honesty and truth and compassion against injustice and lying a... Diaspora remittances and future of Nigerian BDCs. Despite repeated promises by the government, they have failed to heed to their demands, From demanding an end to SARS, prosecution of rogue police, threatening to continue if all their demands are not met. READ our Privacy-policy and cookie policy. ABCON President,  Alhaji Aminu Gwadabe, said the CBN forex policy has brought stability to the BDC industry and helped operators to embrace automation which is the standard best practice globally. There is still a window for the government to de, and it is not just by accepting the terms of protesters on paper and making bogus pronouncements. When you invest through them, they pool your funds along with other investors and then invest the collective sums in farms across the country. That’s financial intermediation. For years, young Nigerians, mostly via social media, have called for the unit to be disbanded and rogue elements in the force brought to justice. Data collected from the apex bank official website disclosed that diaspora remittances into the nation’s economy continued to soar amidst a series of foreign exchange reforms, which attracted capital inflow. Despite repeated promises by the government, they have failed to heed to their demands, triggering a new wave of protests that has now spread across the country. Reacting to why the rising remittances inflow is not easing off pressure on Nigeria’s external reserves, Nonso explained that remittances may not ease off pressure on the reserves. Operating expenses also increased by 0.9% y-o-y from N137.9 billion to N139.2 billion; while it suffered impairment charge for credit losses of N30.7 billion from N22.1 billion in Q2 2019. You only need to look at the economy of the Nigerian Youth to understand why this is such a critical moment. The remittances are made up of cash and non-cash items that flow through formal channels such as electronic wire or through informal channels, such as money or goods carried across borders. . The #ENDSARS is not just a protest about rogue police officers, it is larger than that and this is why. By pumping the required capital into the bank, it was able to effectively mitigate the regulatory requirements that many banks have struggled with over the past few months. The government is scrambling to contain a situation that is escalating and could dangerously metamorphose into violent clashes with authorities, leading to loss of lives and destruction of properties. According to data from the National Bureau of Statistics, Youth unemployment is at an all-time high of 34.9%, making up 64.3% of total unemployed Nigerians. “There is a…  petition laid on the Senate on December 12, 2019, where J. U. Ayogu, on behalf of the Bureaux De Change Operators of Nigeria, wrote against the CBN over its dual exchange rate forex policy that enriches few Nigerians and its top management staff to the detriment of many lawful Nigerians. Smart Organizations Are Gearing Up! Explore Data on the Nairametrics Research Website. further, Henry Boyo noted that since the dollar that CBN supplies regularly to banks and over 3,000 Bureau-De-Change operators are derived from the foreign reserves and instead of Diaspora remittances, then diaspora remittances is simply an illusion as a. , Henry Boyo disclosed that thousands of Nigerian pensioners may have been robbed of over 20% of the real value of the dollars regularly remitted to them, as the banks pay remittances at the rate of $1 to N305, as against the prevailing N350-360 to $1 bureau-de-change rate as provided by the law. The BDCs segment operates in a simple manner while remaining closer to the people needing the remittance funds. According to him, Diaspora remittances remain a cheap source of the fund because it is not to be paid back with interest, but goes directly into the construction of houses, payment of school fees, medicals and a lot of things that are adding value to the weak economy. naira and then use those dollars to fulfill some other obligation there, like if someone wired money abroad for school fees for instance. You only need to look at the economy of the Nigerian Youth to understand why this is such a critical moment. The government also needs to introduce student loan schemes for millions of Nigerian youths, The National Assembly also needs to introduce laws that protect young Nigerians from police brutality. He faulted a petition against the CBN Governor, Godwin Emefiele and the management team over the deployment of dual exchange rate regime in forex allocation. Connect with him via his twitter handle, is there any evidence in Nigerians lifestyle to show that all these claims are true?

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