Nigerian Diaspora annual earnings’ll surpass nation’s crude oil sale in 2020


A business expert and founder, Nicky Organisation, Dr. Nicky Okoye has said Nigerian Diaspora earnings would surpass the amount the country earns from crude oil sales by the year 2020.

Okoye who is also the Chief Executive of ANABEL Group said in 2018 Nigerians in Diaspora repatriated about $22 billion, which according to him, was more than the nation’s earning in crude oil.

Consequently, he called on every business, every state and the Federal Government to develop a “Nigeria in Diaspora Strategy.”

Addressing participants at the Global Capital Strategy Session, in Agulu Lake, Anambra State, he said: “Official remittances stood at $22 billion in 2018 and (it is) estimated to hit $25 billion in 2019. Unofficially, it could hit $35 billion in 2019. Nigerian Diaspora with an estimated 15 million population is producing $250 billion in annual earnings or virtual GDP.

“The $250 billion is not cash washing. It’s a collection of fundings from various sources and can only be accessed if one knows how to and where to go to. Our people should, therefore, take advantage of the availability of these fundings to grow their businesses so as to employ our people and grow our economy and take care of the future. The funds could be accessed by both the micro and macro organisations.

“It is global capital strategy. As business people, we must adopt strategies if we want other people to invest in our business. It is that strategy that we have been able to articulate and share to people so that our people will see the vision and redesign their businesses.