Japa: Nigeria Will Benefit More From Diaspora Remittances In Future– Utomi

Nigerian political economist, Professor Pat Utomi has said the massive exodus of Nigerians in search of greener pastures abroad is a blessing in disguise.

Utomi said Nigeria’s weak diaspora remittances will improve in the near future when Nigerian emigrants begin to repatriate their foreign exchange earnings.

The economist said this during a programme on Channels TV, monitored by THE WHISTLER.

The comment was in reaction to the state of the economy leading young Nigerians to exit the country.

Utomi said, “We have a beautiful country that can be made greater than we can really imagine.  But we are hostage to rustlers, people who do not care what happens to the country so long as it doesn’t matter.

“The place is going bankrupt, soon there will be no money to share. The country is technically bankrupt and that is not the end of the world. Indeed, we are technically bankrupt.

“No one will better redeem that country than that diaspora and their historical antecedents. We just imagine that the condition in Nigeria which is so negative can be reversed, but we have to understand that the diaspora will have to play a pivotal role in the revision just like they did with India, Japan, and elsewhere.

“Non-resident Indians, the diaspora sent money and money began to flow into India at a point like a billion dollars a week into their foreign reserves. So, when you hear of people like me going around to talk to Nigerians in the diaspora, the thing that will save Nigeria is the diaspora. Japan was restored after the Meiji restoration by the engagement of the Japanese diaspora largely coming out of Germany. India and China rising were essential functions of the Indian and Chinese diaspora.”

Nigeria is struggling to improve its foreign exchange reserves which has fallen to thirteen months low to $37.3bn as of November 3, 2022.

The Central Bank has been unable to stabilize its currency which trades at N900 to a dollar dur to forex crunch.

Since the CBN introduced its naira 4 dollar scheme, diaspora remittances through the scheme only hit $2.4bn after Eight Months.

The development has had a ripple effect on the economy as manufacturers, and aviation players among others have lamented the setbacks they face.

Also, the country’s foreign exchange problems have also impacted prices of commodities and services in the market.

A lot of Nigerian doctors and other professionals majorly youths have traveled due to the economic quagmire.

Utomi said, “The human being is a surviving being. The human being will escape in order to (only a tree will stay standing when you see the knife coming to kill it). This generation of political leaders has killed the youths of our country and they see them trying to kill them (youths) even more. And all they are saying is I’m not a tree, let me go out before they kill me and so it is a natural instinct to Japa if truly speaking.

 “It seems not rocket science to realise that a country that doesn’t have enough doctors and contributes 70 per cent to all the black doctors in the US will have to be redeemed by its diaspora. A country that encourages Japa as we now call it, those who saw disadvantages in their country have all moved out and become remarkably successful in other countries.”