NECA makes case for investment, protection of Diaspora remittances

Nigeria Employers’ and Consultative Association (NECA) has underscored the need to invest Diaspora remittances rather than spend them on social services.

Director General of the association, Mr Wale-Smatt Oyerinde, expressed the thought when he led a delegation on a courtesy visit to the management of the Nigerians in Diaspora Commission (NiDCOM) in Abuja.

Oyerinde urged stakeholders in both the private and public sectors to work closely and create a regulatory mechanism that will protect the interests and investments of Diasporans.

The director general, who described Nigeria as not just a destination but a transit and investment hub, stressed that the country has the capacity to transition from being the Giant of Africa to a Global Investment Giant, especially if all sectors of its economy were to be harnessed.

“NECA as a voice of businesses and a platform for employers to engage is ready to work with NiDCOM to ensure the security of Diaspora Direct Investment through opportunities to positively influence policy-making at sectoral and national levels,” he said.

Secretary of the commission, Engr. Sule Bassi, who received the delegation on behalf of Mrs Abike Dabiri-Erewa, the Chairman/CEO of NiDCOM, expressed appreciation to NECA for the visit.

Bassi described the idea of investing Diaspora remittances for the future as a noble one, saying it is in line with the mandate of the commission.

The secretary said NiDCOM had, since inception, been developing programmes and structures to ensure sustainable engagement with the Diasporans.

Some of the programmes are the recent establishment of the Nigerian Diaspora Insurance Trust Fund (NDITF); the Nigerian Diaspora Housing Fund (NDHF); and the National Diaspora Day celebration (NDD).

Some of the other programmes are the annual Nigeria Diaspora Investment Summit (NDIS) and the data mapping portal.

NECA is the umbrella organisation of employers in the Organised Private Sector of Nigeria, formed in 1957 to provide the forum for the government to consult with private sector employers on socio-economic and labour policy issues.