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Remittances giving Nigeria more revenue than oil, says CBN boss

The acting Governor of Central Bank of Nigeria, CBN, Folashodun Shonubi has said that no country can achieve development without remittances.

Shonubi while delivering a lecture entitled ‘Diaspora Remittances and Nigeria Economic Development’ during the distinguished Personality Lecture and Institute Seminar for EIMC 16 in Abuja, said Nigeria got more revenue from remittances than from the oil sector. He added that many countries have remittances as the major source of dollars or income.

He said it would be helpful if measures can be put in place in Nigeria to control illegal remittances and identify these channels so as to ensure remittances flow into the proper channels, and harness maximum benefits to grow the economy.

He added that a panel would be set up to visit some banks unannounced to name and shame commercial banks selling dollars illegally. “It would be helpful if we can work together to identify these channels because we just want the flows into the proper channels. There we can get maximum benefits to grow the economy.

“Remittances have generated more foreign exchange so that we can’t do without diaspora remittances, hence creating conducive environment for investment of remittances should be given priority.”

Also Commandant of National Institute of Security Studies, NISS, Ayodele Adeleke said that the course would broaden the understanding of security issues in the country which he said was the mandate of the institute.

Adeleke noted that the lecture series was conceived as part of strategies embedded in the modus of the 10 month-course to promote and provide a focal point for the programme.

He noted that economies have become more interconnected, and Diaspora communities play pivotal roles in developing economies of their own countries, thereby contributing to their economic growth.


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