Vice President Kashim Shettima has revealed the huge contributions of Nigerian migrants to the global economy, noting that startups founded by Nigerians abroad attracted over $800 million in investments in 2022.
He made this statement at the 10th Annual National Migration Dialogue in Abuja, themed “Beyond Borders: Celebrating Migrants’ Legacy, Protecting Their Rights.”
Shettima noted that Nigeria leads West Africa in diaspora remittances, with $21.9 billion recorded in 2022. This figure represents 64% of all remittances within the region, highlighting the economic value of Nigerian migrants.
“Migration is not merely a movement across borders; it is a powerful force driving development at both global and national levels,” Shettima said.
Beyond financial contributions, Nigerian migrants do great in diverse fields such as technology, medicine, sports, and the creative arts. “Our migrants are global ambassadors, showcasing the transformative potential of Nigerians worldwide,” Shettima added.
Irregular Migration Remains a Challenge
The Vice President acknowledged that Nigeria serves as both a source and destination for migrants, with over 1.3 million international migrants residing in the country.
However, irregular migration continues to bring challenges. In 2024 alone, Nigeria repatriated and reintegrated approximately 10,000 citizens detained for migration-related offences in Africa and Europe.
“These figures reveal the vulnerabilities associated with migration and emphasise the need for coordinated efforts to mitigate these challenges while harnessing migration’s potential for economic growth,” Shettima stated.
He assured that the Federal Government remains committed to addressing these issues through policies aimed at protecting the rights of migrants and maximising their economic contributions.
The Bigger Picture: Shifts in African Startup Funding
Nigeria’s place in migration-driven economic contributions contrasts with its recent decline in startup funding rankings within Africa. Once the leading destination for startup investments, Nigeria fell to fourth place in 2023, with Kenya taking the top spot by attracting $800 million.
Research by Africa: The Big Deal shows that African startups raised $2.9 billion in 2023, a 39% year-on-year decline. The “Big Four”—Kenya, Nigeria, South Africa, and Egypt—accounted for 87% of the total funding, with Kenya securing 28% of the continent’s share.
South Africa was the only country among the Big Four to experience growth in startup funding, with a 21% share of the total and a year-on-year increase of 8%. Conversely, Nigeria’s funding took a significant hit, reflecting broader economic challenges.
While Shettima celebrates the resilience and achievements of Nigerian migrants, the economy stresses the need for more solid strategies to maintain Nigeria’s competitiveness in key sectors.
