During the World Bank Spring Meetings 2024 in Washington D.C., I had the privilege of participating in a pivotal session centered on forming strategic partnerships with the Nigerian diaspora to promote growth and development in the country. The session was attended by key stakeholders, including the Governor of Niger State, His Excellency Mohammed Umaru Bago; the Governor of Benue State, His Excellency Fr. Hyacinth Iormem Alia; and the World Bank Country Director for Nigeria, Dr. Shubham Chaudhuri. Our discussions delved into how collaborations with the diaspora can be leveraged to stimulate economic progress, foster entrepreneurship, and empower local communities in Nigeria.
One of the major takeaways from this session was the recognition of the vast untapped potential within the Nigerian diaspora. Nigerians abroad are a valuable resource with significant financial capital, technical expertise, and global networks that can contribute to sustainable development. By forging stronger ties with the diaspora, Nigeria can create opportunities for local businesses to scale, access international markets, and acquire new knowledge that can drive innovation. Moreover, diaspora engagement can provide critical funding for key sectors such as agriculture, technology, and infrastructure, which are essential for national growth.
Additionally, the discussion emphasized the importance of creating a conducive environment for diaspora-led investments and initiatives to thrive. This includes implementing policies that encourage ease of doing business, fostering transparency in governance, and providing incentives for both diaspora and local entrepreneurs. Strengthening institutional frameworks to facilitate these partnerships can also enhance trust and collaboration, paving the way for more impactful contributions to Nigeria’s socio-economic landscape.
I am particularly encouraged by the potential benefits for small businesses in Nigeria. Through strategic partnerships, local entrepreneurs stand to gain greater access to resources such as mentorship, capital, and international markets. This, in turn, can boost job creation, spur innovation, and improve livelihoods within communities. The discussions during this session highlighted the need for continued collaboration between the government, the diaspora, and international organizations like the World Bank to ensure that these efforts lead to meaningful and sustained progress.
