Nigerians in diaspora contribute $20b to country’s economy – APC Canada

APC

The All Progressives Congress (APC) says that Nigerians in diaspora contribute US$20 billion annually to the country’s economy, and so deserve to vote and be voted for.

The Vice Chairman of APC in Canada, Dr Abiola Oshodi, stated this while speaking to the News Agency of Nigeria (NAN) on telephone on Monday.

Oshodi explained that there was the need for diaspora voting for Nigerians outside the shores of the country because they contribute immensely to the development of their fatherland through representation.

“It is a pleasure mixed with pain, disappointments, passion for change, and patriotism.

“And it is another opportunity for me to preach again on the rights of Nigerians in diaspora to vote and even be voted for, “because we don’t deserve less

“We are ambassadors of Nigeria. And home calls us to service, duty and patriotism. We work under cold sheets of ice to remit US$20 billion home annually.

“To stress how important the diaspora contribution is to the Nigerian economy: Our nation is borrowing US$3 billion from Afrexim Bank to be repaid for years at an interest. Another US$7 billion is to be gotten from securitization of our annualized dividends from Liquified Natural Gas.

“These two interventions are meant to pay the backlogs of forex and reduce the pressure on the Naira. But irrespective of how helpful this intervention might seem, the bigger truth is that a borrower is servant to the lender,” he stated.

Oshodi said that the funds were a remittance inflow from Nigerians living in US, Canada, UK, France and other foreign countries.

“These are almost free funds. Not foreign loans. But free dollars, pounds, euros sent by Nigerians abroad to pay the school fees of relations, hospital bills of relations, set up a dialysis centre, repair old bridge constructed by the community to connect the next town.

“ US$20 billion! Huge funds. Big money. Yet freely given to Nigerian banks, and Central Bank of Nigeria (CBN) for onward transmission to aid local businesses and even service our foreign debts.

“And US$20 billion is a fraction of the potential that we could do. In 2022, India remitted home US$111 billion, Philippines sent US$39 billion, and Egypt remitted US$28 billion.

“The difference between Nigeria and these three countries is that their nationalities abroad are permitted to vote and participate effectively in their political processes.

“If only we would be recognized and encouraged to participate in our elections, we too would contribute so much to the sustainability of our country,” he said.

The APC Vice Chairman, who commended the Nigerian Senate Majority Leader, Sen. Opeyemi Bamidele, for sponsoring the Diaspora Voting Bill, said that it was high time Nigerians in diaspora were given a stake on the conference table, adding that “we deserve to be equal partners just like other stakeholders.”

According to him, “there are about 15 million Nigerians, made up of doctors, engineers, educators, entrepreneurs, artists, and professionals of all kinds, living outside the country.

“If Nigerians abroad were classified as a state, it would be the largest state in the country. Our voting strength would be higher than Kano and it would eclipse Lagos.

“Why should this important bloc be excluded from the political process? Who knows, maybe there is fear that our number could tilt established voting trend and change things since it obviously would be tougher to buy a Canadian-Nigerian consultant and other professionals with a bag of rice.”

Oshodi, a Canadian-Nigerian consultant psychiatrist, described Nigerians abroad as a patriotic stock, a polished breed and well travelled folks, saying it will be wise to draft diasporans who were used to living according to their means into participation in the political process of the country.

The APC chieftain said acquired cultures from saner climes, where laws are feared and obeyed, could impact more on the orientation of the average Nigerian to be better citizens if only Nigerians in diaspora would be permitted.

Oshodi asked the Nigerian legislature to provide a nationwide legal infrastructure within the Electoral Act for overseas voting.

“Our constitution and laws must be reworked to accommodate the innovation. Of course the path towards Diaspora Voting is fraught with challenges, including logistical, legal, and administrative hurdles.

“However, these challenges are not insurmountable. We must work collectively to overcome them,” he said.