Economy and Politics: Nigeria Needs To Reform Its FX Market To Attract Diaspora Investments
This edition of the Economy and Politics Show features Mr. Jimi Ogbobine, Head of Consulting, Agusto & Co Limited as he speaks on "Diaspora Remittances and Nigeria's Economic Growth".
He believed the experience of Egypt which is Africa's leader in Diaspora Remittances should serve as a lesson for Nigeria on the importance of a deliberate, singular-focused and intentional reform of the FX market.
Egypt experienced a 2% drop in its Diaspora Remittance from $26bn in 2019 to $24bn in 2020, while Nigeria experienced a 4% drop from $25bn in 2019 to $21bn in 2020 due to the COVID-19 pandemic.
The economist called on Nigeria to move from taking its FX reforms in drips which has not been effective to a robust approach that will yield results for the economy.