Business & Economy News

REVEALED: Nigerians in Diaspora Contribute Over $25bn Annually in Remittances

The Founder and CEO of FinREMIT, Emmanuel Amujo has revealed that 17 million Nigerians in Diaspora contribute $25 billion annually.

Amujo who disclosed this while addressing a virtual press conference, 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.

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

Amujo also introduced FinREMIT, a revolutionary web and mobile application designed to empower individuals within the African diaspora. 

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.

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.” 

Credit: Folalumi Alaran in Abuja

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