CHALLENGES MILITATING AGAINST THE DIASPORA’S ENGAGEMENT FOR THE ECONOMIC DEVELOPMENT OF NIGERIA

Abstract

Despite the increased flow of international remittances into Nigeria and the enormous potentials of the role of Nigerian Diasporas in accelerating economic growth through bridging of the savings and foreign exchange gaps, Nigeria economy is still characterized by low level of income, high level of unemployment, very low industrial capacity utilization, and high poverty level. This has informed the need to embark on the present study with a view to analyzing the challenges militating against the Diaspora’s engagement for the economic development of Nigeria using selected development indicators in Nigeria such as unemployment, poverty level and inequality level. The study adopted the Social Network Theory. Information/data for the study were generated from both primary and secondary sources. Questionnaire and Personal Interview were employed as instruments for primary data, while for secondary method, sources like research papers, policy papers, documents, journals, magazines, seminars, workshop papers and handbook were utilized. It was found that many factors such as political instability, corruption, lack of transparency among others still hamper the appropriate utilization of remittances for development projects and economic growth in Nigeria. Lack of trust on government ingenuity and transparency with the perception of high corruption, weak justice system and lack of policy continuity is a hindrance to the success of the project. The study recommended that the Diaspora Commission, in collaboration with the NIDO and its branches worldwide should undertake a census of Nigerians in the Diaspora in order to gather accurate data to inform planning. The government also needs to create a conducive environment, including security, for Nigerians at home and in the Diaspora. Also, Nigerian government should endeavour to maintain order, stabilize political instability and encourage transparency in the system in order to woo would-be investors among migrant workers abroad.