A Labour Party government at the federal level would depend more on Diaspora remittances instead of foreign loan.
Mr Peter Obi, the presidential candidate of the party gave this indication today in his verified Twitter account.
The presidential hopeful said that Nigeria got twenty billion dollars in remittances in 2021.
This amount, according to Obi, ranks Nigeria 6th position behind the top five recipient countries of Diaspora remittances namely : India, Mexico, China, the Philippines, Egypt and Bangladesh.
He further disclosed that experts assessment prove that with proper policy and planning, Nigeria could get about sixty billion dollars in remittances annually.
Obi tweeted :’Expert assessment indicate that with proper policy and planning, we can leapfrog to about 60 billion dollars in remittances annually.
That will translate to about 14 per cent of our total GDP.
In 2021, Nigeria’s foreign direct investment was 4.8 billion dollars.
Therefore, I see Diaspora remittances as the new normal and becoming Nigeria’s official Development Assistance, some kind of foreign loan without interest.’
