PUSH NEWS 24 INTERNATIONAL : February 23rd, 2024
Diaspora Dynamics: Unleashing the Potential of Nigerian Expats for Economic Advancement
“In an increasingly interconnected world, the role of diaspora communities in contributing to their home countries’ development cannot be overstated. Among these global citizens, Nigerian expatriates stand out for their potential to drive economic advancement back home.” these were the words of Akile of Okun-Ade, Yoruba African Kingdom in Dallas, TX, HRM Oba Abimbola Akile Balogun.
Oba Abimbola in his reaction to Push News 24 International questions on the high cost of living in Nigeria delve into the dynamics of the Nigerian diaspora and explores how their talents and resources can be harnessed for national progress.
While unveiling their potential: Nigeria boasts a vast diaspora scattered across the globe, with millions of Nigerians residing in countries such as the United States, the United Kingdom, Canada, and others. Beyond their numbers, Oba Akile said “Nigerian expatriates possess a wealth of skills, expertise, and financial resources that can be instrumental in propelling the country’s economic growth.”
The revered traditional ruler stressed that “One of the most tangible ways Nigerian expats can contribute to economic advancement is through secured investment and entrepreneurship.”
“Many members of the diaspora have established successful businesses abroad and possess the knowledge and capital to initiate ventures back home. From technology startups to agricultural initiatives, these investments have the potential to create jobs, stimulate innovation, and drive overall economic expansion.”
Concerned about the need of Knowledge Transfer and Capacity Building, His Rolyal Majesty was quoted as saying ” in addition to financial contributions, Nigerian expatriates play a crucial role in knowledge transfer and capacity building. Through mentorship programs, partnerships with local institutions, and participation in educational initiatives, diaspora members can facilitate the transfer of skills and expertise in various sectors, including healthcare, education, and technology. By nurturing talent and empowering local communities, they contribute to building a more robust and competitive workforce”.
According to Akile Diaspora Engagement Initiatives have been one of the areas where his kingdom and members of the Yoruba African Community have created a platform for recognizing the importance of diaspora engagement.
Push News 24 International reports that the Nigerian government and various organizations have launched initiatives to tap into the potential of Nigerian expatriates. These include investment forums, networking events, and policy frameworks aimed at facilitating remittances, easing business regulations, and fostering collaboration between diaspora members and local stakeholders. Such initiatives create avenues for dialogue, partnership, and collective action toward shared development goals.Challenges and Opportunities.
Oba Abimbola also painstakingly said that despite their immense potential, Nigerian expatriates face challenges in fully harnessing their contributions to economic advancement. These include bureaucratic hurdles, regulatory barriers, and concerns about political instability and security risks. Addressing these challenges requires concerted efforts from both the Nigerian government and diaspora communities to create an enabling environment for investment, entrepreneurship, and collaboration.
As Nigeria charts its path toward economic advancement and prosperity, leveraging the potential of its diaspora emerges as a strategic imperative. By tapping into the talents, resources, and networks of Nigerian expatriates, the country can unlock new opportunities for growth, innovation, and inclusive development.
Oba Akile concluded ny saying “With continued collaboration and engagement, the Nigerian diaspora stands poised to play a pivotal role in shaping the nation’s future economic landscape.”
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