Follow Us on Google
From Charity Nwakaudu, Abuja
The acting Governor of Central Bank of Nigeria, CBN, Folashodun Shonubi has said that no country can achieve development without remittances.
Shonubi while delivering a lecture titled, “Diaspora Remittances and Nigeria Economic Development” yesterday during the distinguish Personality Lecture and Institute Seminar for EIMC 16 in Abuja, said
Nigeria got more revenue from it than from the oil sector.
He added that many countries, have remittances as the major source of dollars or income saying that, “we have countries that earn about 1.5 million dollars in remittances. Everywhere, any place you go even in developed countries such as India, China.
He said it would be helpful if in the country, measures can be put in place to control illegal remittances and identify these channels so as to ensure remittance flows into the proper channels, and harness maximum benefits to grow the economy.
He added that a panel would be set up to visit some banks unannounced to name and shame commercial banks selling dollars illegally.
He said, “We intend to use more of the banking system to, sending money to Subsaharan Africa cost highest because we don’t have mass
“It would be helpful if we can work together to identify these channels because we just want the flows into the proper channels, there we can get maximum benefits to grow the economy.
“Remittances have generated more foreign exchange so that we can’t do without diaspora remittances hence creating conducive environment for investment of remittances should be given priority.”
Also Commandant of National Institute of Security Studies, NISS, Ayodele Adeleke said that the Course will broaden the understanding of Security issues in the country which he said was the mandate of the Institute.
Adeleke noted that the Lecture series was conceived as part of strategies embedded in the modus of the 10 months Course to promote and provide a focal point for the program.
Adding as economies have become more interconnected, and diaspora communities play pivotal roles in developing economies of their own country’s contributing to their economic growth.
