Vice-President Kashim Shettima has praised Nigerians living abroad for their significant contributions to the country's economy, emphasizing that diaspora remittances are strengthening Nigeria's external position. Speaking at a diaspora town hall meeting in New York, Shettima highlighted the growing economic importance of Nigerians abroad. He noted that their remittances are substantial, larger than the economies of some African countries.
According to official figures, remittances to Nigeria stood at approximately $20.93 billion in 2024, underscoring the vital role of the diaspora in foreign-exchange inflows and household incomes. Shettima also pointed to Nigeria's rising foreign reserves as evidence of improving economic buffers. The country's gross external reserves currently stand at $55.25 billion, their highest level in about 18 years.
Shettima, representing President Bola Tinubu at the 81st United Nations General Assembly, urged Nigerians abroad to deepen their involvement in the country's development. He called for greater national unity, emphasizing that Nigeria's diversity should not hinder citizens from working together for national progress. The Vice-President conveyed Tinubu's greetings to the gathering and defended the administration's handling of inherited economic and security challenges.
Shettima acknowledged that Nigerians continue to face significant challenges, including insecurity and inadequate electricity supply. However, he cited emerging economic indicators showing progress in addressing some structural challenges. Nigeria's economy expanded by 4.4 per cent in the latest quarter, according to the National Bureau of Statistics. The Vice-President expressed optimism about the country's economic prospects.
The Vice-President highlighted major infrastructure projects, including the Lagos-Calabar Coastal Highway and Sokoto-Badagry Superhighway, designed to improve connectivity and stimulate economic activity. He also cited private-sector investments, such as the Dangote Refinery, as evidence of Nigeria's entrepreneurial capacity. Shettima praised Aliko Dangote for his industrial investments across Africa.
Shettima reserved particular praise for Nigerians in the United States, describing their educational and professional achievements as a source of national pride. According to analysis by the Migration Policy Institute, 67 per cent of Nigerian immigrants aged 25 and above have at least a bachelor's degree. The Vice-President urged the diaspora to leverage their achievements to build stronger partnerships with Nigeria.
The town hall meeting provided an opportunity for members of the Nigerian community to engage with the Vice-President on national development and the role of the diaspora. Shettima is in New York leading Nigeria's delegation to UNGA81 and is scheduled to deliver the country's national statement before the General Assembly. During the high-level week, he will hold bilateral meetings focusing on investment, multilateral reforms, and development financing.
Key points
- Vice-President Shettima praises diaspora Nigerians for their $20 billion annual remittances.
- Nigeria's economy expands by 4.4 per cent in the latest quarter.
- The country's gross external reserves reach $55.25 billion, their highest level in about 18 years.
