Dignitaries Advocate Novel Strategies In Harnessing Diaspora Remittances For Southwest Development

By John Adeagbo

On June 28th and 29th, 2021 politicians, scholars and opinion moulders gathered at the Adetiloye Hall, Ado-Ekiti, Ekiti State to discuss the possibility of embarking a paradigm shift for a holistic developmental aspiration of the Southwest region at a summit.

The theme of the summit: *“Harnessing Diaspora Remittances for Regional Development in the Southwest* ” echoed diaspora remittances as a veritable resource that can trigger real economic development in the southwest if it is strategically tapped.

According to the analysis of the various speakers at the event, monies transferred from abroad to the country in 2018 and 2019 was estimated at $25 billion and $20 billion respectively. These figures are said to be bigger than the country’s budget in these considered years.

The speakers lamented that only a paltry proportion of these monies were used for investment and industrial purposes while the bulk of it went to beneficiaries in form of family support and other upkeep.

The chairman of the occasion, who is also the *Chairman/CEO of Nigerians in Diaspora Commission (NiDCOM) Hon. Abike Dabiri-Erewa,* argued that diaspora remittances can begin to make sense in the southwest region if the funds can have real multiplier effect in the economic configuration of the region, adding that, the government does not have control over the monies but instead, could make provisions for an enabling environment for the establishment of industries and other economic ventures that would subsequently translate to economic prosperity for the people.

On her part, the *Chairperson, House of Representatives Committee on Diaspora Hon. (Mrs.) Tolulope Akande-Sadipe,* said the House is doing everything possible to ensure the inclusion of diasporans in critical nation building schemes which would better encourage them to engage the country with more resources for industrial expansion by way of legislation.

In the same vein, the Governor of Ekiti State Dr. Kayode Fayemi, who was represented by Deputy Governor Bisi Egbeyemi, maintained that Ekiti state is ready to partner with investors either of Ekiti extraction or not in the diaspora. He added that his administration is ready to contribute its own quota towards actualizing a robust diaspora remittances for the state development.

Reacting at the event, the *Senior Special Assistant (Diaspora Affairs) to Ekiti State Governor Hon. Femi Odere,* harped on the need for the southwest governors to look at economic development in their various states more from a regional perspective more so to eliminate projects of serious economic value that would end up to be redundant shortly after their creation because of unnecessary duplications of the same projects in all the states.

Odere added that he’s of a strong opinion that there should be a mechanism that would foster what he described as *Externally Generally Revenue (EGR)* for the states whereby the states can also have a piece of the huge profit pie that accrues to remittance companies and their commercial bank counterparts. Odere also calls for the right legislative frameworks that would make this initiative to come to fruition.

The governor’s aide, who’s also the host of this maiden summit in the Southwest said one of the reasons for organizing a summit of this kind is to “discuss and identify the challenges and problems that are common to in the geopolitical region with a view to finding lasting solutions to these challenges and problems from a regional angle.” He said he would be eternally glad if at least one thing among the important ideas expressed at the summit can be implemented. He said, for instance, perhaps something like the “establishment of a *Southwest Diaspora Security Trust Fund* since insecurity is a problem that’s common to us in the region—and which can only be effectively addressed in a holistic manner—–should be looked into.” “After all, security is the foundation of every other developmental efforts. Without security firmly in place, there can never be any development,” he emphasized.

Odere said now that we have the *Western Region Security Network* otherwise known as Amotekun, the southwest security apparatus should be made more effective and “the only way that this child of necessity can grow and be made effective in carrying out its responsibility is to provide the needed funds to equip itself.”

From left: Hon. (Mrs.) Tolulope Akande-Sadipe, Chairperson House Committee on Diaspora; Hon. Femi Odere, SSA (Diaspora Affairs) to Ekiti State Governor and host; Dr. Senayon Olaoluwa, pioneer Director of the Institute of African Studies at the University of Ibadan and the lead resource persons at the summit.

Arising from the contributions of panelists, it was suggested that the southwest region should begin to look inward into other forms of intangible diaspora ‘remittances’ which according to them would better benefit the region. Concepts such as ‘brain gain’, ‘brain circulation’ and ‘knowledge transfer’ were repeatedly mentioned at the summit.

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The panelists argued that the technological advancement of emerging economies of the “Asian Tigers” was made possible as a result of the knowledge transferred by these countries’ Diasporas.

They called on the subnational governments in the southwest region to be more pragmatic and devise mechanisms that would help them benefit from the huge resource pool of their diasporic indigenes. “It is a vision thing,” Odere said in his presentation.

A communiqué was issued at the end of the 2-day event.

Ronny Ikpoto

Edidiong-Ronny Ikpoto holds a First Class degree in Media Studies. He shares a healthy enthusiasm for journalism, social & literary criticism, and creative writing.