‘Nigerians in diaspora not doing enough to help economy’ - CBN Governor - News and More

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Saturday, 14 October 2017

‘Nigerians in diaspora not doing enough to help economy’ - CBN Governor

Nigerians in the Diaspora are not doing enough to help revamp the country’s economy, as they are known for their theories and not practice and are far too removed from the realities back home.
Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, made the remarks yesterday at a lecture he presented to the Senior Executive Course 39 of the National Institute for Policy and Strategic Studies (NIPSS) in Kuru near Jos, Plateau State.

Speaking on Financing Science, Technology and Innovation (STI) for the Development of Agro-Allied Industries in Nigeria, he said Diaspora financing was not encouraging as Nigerians in the Diaspora were only armchair critics without offering workable solutions to the countryís economic challenges.

Emefiele, who was represented by the Deputy Governor, Operations, Suleiman Baru, noted that investment in Science, Technology and Innovation held the key to the economic progress and development of any nation.

Some of the participants had told the CBN that they view Nigerians in the Diaspora as not contributing to the economy by way of investment because the country does not have a structured and workable system.

They argued that a multi-billionaire in the Diaspora may want to come to Nigeria to invest his money following a particular government policy in power at that time and that policies change immediately a new government takes over.

They, therefore, advised the CBN to handle such investments so that the investor is not affected by new government policies.

Emefiele, however, pointed out that development worldwide is largely driven by the ability to develop, distribute and exploit intelligence to achieve competitive edge, create wealth and improve the welfare of citizenry.

He added that breakthroughs in STIs, particularly in information and communication technology (ICT) have brought technology to the reach of increasing number of the global population, thereby increasing their frontiers to explore and expand innovations further into limitless opportunities

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