Over 17 Million Nigerians in Diaspora Contribute Over $25 Billion Annually in Remittances: FinREMIT CEO

Folalumi Alaran in Abuja

A staggering $25 billion is injected into Nigeria each year by more than 17 million Nigerians residing in the diaspora, according to findings disclosed by the Founder and CEO of FinREMIT, Emmanuel Temitope Amujo, during a national press conference held virtually in Abuja on Monday.

Amujo, a prominent figure in the financial world, highlighted the significant financial impact these remittances have on the nation, serving as a lifeline not just for families but also for the broader economy.

Amujo emphasized the untapped potential within these substantial remittances, underlining their capacity to drive economic progress in Nigeria.

This was just as he introduced FinREMIT, a revolutionary web and mobile application designed to empower individuals within the African diaspora.

The app was explained to facilitate remittances, combined with cutting-edge technology with financial expertise, offering personal finance education and investment guidance.

Amujo also said the platform ” Also bridges the gap between remittances and Small and Medium-sized Enterprises (SMEs), NGOs, and social enterprises, traditionally excluded from conventional financial markets.

He said, “ It is scheduled for launch on December 1, 2023, the UK-Nigeria bilateral version of the FinREMIT FinTech web and mobile app promises unique value propositions, including financial education, tailored investment advice, and the facilitation of Foreign Direct Investment (FDI) while empowering small businesses.”

Amujo shared a vision that extends beyond geographical boundaries, aiming to transform migration into a positive force for constructive change and a prosperous future for all Nigerians. FinREMIT invites media houses, the Nigerian Government, corporate entities, and Nigerians in the diaspora to join this transformative journey, enlightening the public about its revolutionary impact and driving financial inclusion.

He said, “ In the near future, FinREMIT plans to initiate its first level of Foreign Direct Investment inflow into Nigeria, benefiting SMEs, NGOs, and social enterprises. Their ambitious goal is to Remit-2-Invest a minimum of £200,000 pounds to at least 200 small businesses by the first quarter of 2024, creating jobs and increasing income tax revenue for the Nigerian government.

“ By mid-2024, they aspire to mobilize significant FDI from Nigerians in the diaspora for capital infrastructure projects, with a long-term vision of mobilizing an average of $50 million annually as remittances-driven Foreign Direct Investment, out of the $25 billion remittance stock.” he added.