Diaspora Remittances Surpass Foreign Aid, Key to Tinubu’s Agenda

Diaspora Remittances Surpass Foreign Aid, Key to Tinubu's Agenda

Vice President Kashim Shettima has said the Renewed Hope Agenda of the President Bola Tinubu-led administration is a transformative policy thrust aimed at repositioning Nigeria as a prime global investment destination.

Shettima said with the agenda hinged on the core pillars of democracy, development, demographics, and diaspora engagement, the present moment serves as the opportune time to remind both Nigerians and the global community that Nigeria stands ready to embrace the future and conduct business.

Speaking on Friday during a high-level dialogue on delivering the renewed hope agenda on the theme, “Nigeria’s Global Ambitions: From Hope to Reality,” in Abuja, VP Shettima in a statement by his spokesman, Stanley Nkwocha outlined the administration’s ambitious roadmap, noting President Tinubu’s commitment to bold reforms and strategic partnerships to revive the nation’s economy and enhance security.

He said, “Our reason for this gathering is less about the certainty of our vision for this nation. This has never been in doubt. We are here because of our place in a world of opportunities—a world that can’t afford to neglect or underestimate our place.

“The Renewed Hope Agenda is not just a policy framework; it is a statement of commitment, a covenant between us and the people.”

VP Shettima pointed out that at the heart of the administration’s foreign policy approach, dubbed the ‘Tinubu Doctrine,’ is a ‘4-D Diplomacy Strategy’ centred on promoting democracy, driving economic development, harnessing Nigeria’s demographic potential, and engaging with the diaspora community.

He lauded the vital role of Nigerians in the diaspora, who contributed over $168 billion in remittances between 2015 and 2022, surpassing Overseas Development Assistance.

“This is further evidenced by the recently announced $10 billion Diaspora Fund—a multi-sectoral investment initiative set to be launched soon and expected to strengthen ties with our diaspora community while boosting forex inflows to support our national development plans,” the Vice President said.

Shettima also highlighted President Tinubu’s interventions on the economy, including a ₦75 billion investment initiative to revolutionise the manufacturing sector and the Renewed Hope Infrastructure Development Fund to facilitate effective infrastructure development across key economic sectors.

On security challenges, VP Shettima affirmed the administration’s commitment to guaranteeing the safety of lives and properties through regional and national interventions.

The Vice President extended an invitation to international partners, emphasising the need for collaboration in the post-COVID-19 era, saying, “This is the time to partner for democracy, for development, for peace, and for security.”

Earlier, the United Nations (UN) acknowledged that there had been remarkable progress in Nigeria under the Tinubu administration in the last one year, following the reforms targeted at stabilising the economy and tackling insecurity.

UN Deputy Secretary-General, Hajiya Amina Mohammed, who gave the global body’s position, said, “Over the past one year, Nigeria has witnessed progress from the reforms introduced by this administration to stabilise the economy. And we can see that the country, creditably, has improved. The Nigerian government has also been proactive in addressing security challenges in the country and the sub-regions as demonstrated by the hosting of an African counter-terrorism meeting last month.

“There have also been other notable initiatives such as the nationwide digital literacy programme and the expansion of the broadband infrastructure to bridge the digital divide and empower our people in this digital age”.

In his goodwill message, the British High Commissioner to Nigeria, Dr. Richard Montgomery, said the United Kingdom is impressed by the security strategies President Tinubu has put in place, even as he restated the support of the United Kingdom for the Nigerian government in this direction, including transparency and accountability in governance.

“I’d like to use this opportunity to express the whole lot of support of my government to the Renewed Hope Agenda of His Excellency, the President of the Federal Republic of Nigeria, Bola Tinubu. We commend his agenda for its focus on priorities and delivery. We acknowledge that you have done a lot to put in place transparency and accountability.”

Also, the Minister of Industry, Trade and Investment, Dr. Doris Nkiruka Uzoka-Anite, while declaring the forum open, extended warm appreciation to participants, noting that their presence underscored the importance of the efforts towards advancing Nigeria’s economic agenda under President Tinubu.

She stated that the gathering, initiated by the Office of the Vice President, highlights the role of the international corporation in delivering the remarkable goals of the President’s laudable Renewed Hope Agenda.

Also, the Minister of Information and National Orientation, Alhaji Mohammed Idris, commended the stakeholders’ efforts led by Vice President Shettima which led to the convening of the high-level forum to mark the first year anniversary of the Tinubu Administration.

He said the gathering was both to reflect on the last one year and look ahead to the next three years, placing emphasis on the role of the international corporation in achieving the President’s Renewed Hope Agenda.

On his part, the Minister of Budget and National Planning, Alhaji Atiku Bagudu, said the past one year marking President Tinubu’s one year in office had been successful despite being challenging, assuring that the government is one that will renew the hope of Nigerians.

Noting that the event highlighted the importance of international cooperation, Bagudu thanked VP Shettima for gracing the occasion, saying, “Not surprisingly, you chose to come in person to show importance, particularly to partners in the diplomatic and development world, that Nigeria appreciates them and that international cooperation is important to us and it is rooted in our constitution, is rooted in our development plans and is rooted in our Renewed hope agenda.

“Not surprisingly, Mr. President, Asiwaju Bola Ahmed Tinubu, and Vice President Kashim Shetiima, over the last one year, have engaged globally and locally with institutions that represent development partnership, multilateral institutions, and bilateral institutions, consistent with our development agenda”.

The Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, represented by Senior Special Assistant to the President on International Cooperation, Mr. Dapo Oyewole, reiterated Nigeria’s commitment to long-lasting partnership with the global community.

“President Bola Ahmed Tinubu’s foreign policy will continue to accommodate the interests of all Nigerians and ensure mutual and beneficial partnerships with all nations,” Oyewole said.

Oyewole added that Nigeria will continue to work to unlock all hidden economic treasures in the country.

In his remarks, the Managing Director of the Bank of Industry, Dr. Olasupo Olusi, said the event marked a critical reflection point for all who have explored optimally to harness international corporations in achieving the noble goals of President Tinubu’s Renewed Hope Agenda.

Expressing delight with the theme of the dialogue, “Leveraging International Cooperation to Enhance Trade, Investment and Sustainable Development in Nigeria,” he said the Bank of Industry has witnessed firsthand the transformative power of strategic partnership in driving economic growth and fostering inclusive development under the Tinubu administration.

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