IMF Encourages Nigeria to Harness Migration to Boost Remittances

Nume Ekeghe

The Director of the African Department at the International Monetary Fund (IMF), Abebe Aemro Selassie, has suggested that Nigeria can leverage the current phenomenon of brain drain to its advantage.

Selassie emphasised the importance of making the Nigerian economy attractive and robust and noted that the focus of reforms should not only be on attracting foreign businesses but also on creating an environment where Nigerian citizens can thrive and reach their full potential.

Speaking at the Regional Economic Outlook for Sub-Saharan Africa at the just concluded World Bank/ IMF annual meeting in Morocco, he said; “I think ultimately, it’s making sure that our economies are as attractive, as robust as possible. Right. And that goes back to the point I was making earlier that the reforms that we need to do are not so much for attracting businesses from outside but making it possible for our own people to flourish, right?

“Second, yes, it is a drain, but I think we also need to see ways in which we can have people outside the continent contributing back to the continent. So, even you cannot stop from leaving if they have better opportunities outside. But once they’re outside, I think finding ways in which they can continue to contribute, of course, how important remittances are for our countries right now, but also finding ways in which you can attract more investment perhaps is also another way that we can work on once people have left the continent.”