By Abidemi Samuel
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The Nigerians in Diaspora Commission (NiDCOM) has commended the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, for introducing two groundbreaking financial initiatives: the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA).
These innovative accounts are designed to strengthen Nigeria’s economic ties with its diaspora community. According to Hon. Abike Dabiri-Erewa, Chairman/CEO of NiDCOM, diaspora remittances remain Nigeria’s largest source of foreign exchange, surpassing oil revenues. She emphasized the critical role of engaging the Nigerian diaspora in national development, stating that
“Nigerians, both at home and abroad, must collaborate to build a stronger Nigeria because no foreigner will do it for us”. The NRNOA and NRNIA accounts aim to optimize the contributions of Nigerians in the diaspora to the nation’s economy. These accounts will provide a convenient and secure way for diaspora Nigerians to invest in their home country.
Benefits of the NRNOA and NRNIA Accounts:
Increased Economic Contributions: The accounts will enable Nigerians in the diaspora to contribute more easily to the country’s economy. Improved Remittance Systems: The initiatives will enhance financial stability and reduce the high charges associated with diaspora remittances.
Enhanced Investment Opportunities: The accounts will provide a secure and convenient way for diaspora Nigerians to invest in their home country. NiDCOM has encouraged Nigerians in the diaspora to take advantage of these innovative financial instruments to maximize their contributions to Nigeria’s economy.
The commission has also commended the CBN’s commitment to fostering stronger relationships with the diaspora community through initiatives designed to improve remittance systems and enhance financial stability.
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