The Central Bank of Nigeria (CBN) has projected that the country’s diaspora reserve will hit $1 billion by 2026, building on current inflows of about $600 million.
CBN Governor, Mr. Olayemi Cardoso, disclosed this on Tuesday at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
Cardoso explained that the apex bank had already put in place the necessary framework to realise the target and stressed that the contribution of commercial banks would be key to achieving the milestone.
“It is now over to the banks to make this happen,” he said. “I want to commend institutions such as Zenith, Access, Fidelity and several others that are already driving this effort. This initiative is significant because it shapes how our people in the diaspora perceive and engage with Nigeria.”
The CBN governor reaffirmed the bank’s commitment to harnessing diaspora remittances as a tool for economic stability and foreign reserve growth.
The two-day conference, themed “The New Economic Playbook: The Intersection of Banking, Policy and Technology,” brought together financial leaders, policymakers and stakeholders to discuss emerging strategies for strengthening Nigeria’s economy.
