Business Digest 03102022

On BU$I₦£$$ DIG£$T this morning, October 3, 2022

DR vs FDI

Diaspora Remittances (DR) into Nigeria for 2021 stood at $20billion which is 4 times more than FDI in 2021

What is Diaspora Remittance?
The common saying “sending money back home” resonates greatly with the Nigerian diaspora. It pertains to the term “diaspora remittance” which involves a person living abroad sending money back to their country of origin. In the case of Nigeria, it is members of the diaspora sending money back home, especially to families and friends; some to upkeep, some to build houses or business and very little for investment into the economy.

What is FDI?
A foreign direct investment (FDI)is an investment in the form of a controlling ownership in a business in one country by an entity based in another country. It is thus distinguished from a foreign portfolio investment by a notion of direct control.

In the first quarter of 2022 alone DR rose to $5.16billion, meaning at the end of 2022 it is likely to be more than $20billion.

FDI has a direct correlation and positive impact on the Economy but DR does not. So where is our problem as a country?

Again, ₦1.6 Trillion is paid annually as tuition by Nigerians in foreign schools. This is huge enough to start fixing the Nation. This much is going as Investment to other countries while Nigeria is not attracting enough in comparison.

This week is World Customer Service Week. It holds every 1st week of October.

Business Digest….your indispensable daily business companion.

Yours-In-Entrepreneurship
Dr. Emmanuel Idenyi Shaibu
animn, ace, f.hcd, f.dss, m.frcn, fimc, cmc, cms, FAiPA, DPA, ACCrFE
The Millennium Entrepreneur!
MakingAMarkGlobally