Nigerian diaspora population has remitted $65.34 billion in three years to boost economic activities in the country, as remittance inflow made up four per cent of Nigeria’s Gross Domestic Product(GDP).
However, founder of Nigeria’s leading provider and pioneer of short-let apartments, Digital Landlords and ShortletHomes, Keji Giwa, said Nigerians in Diaspora are not just high-income earners, but significantly contributing five per cent to the nation’s GDP.
“While the diaspora market clearly presents a huge opportunity to fund real estate, there is little attraction for investors, who want to invest. Out of the funds remitted to Nigeria each year from the diaspora market.
“Unsurprisingly, 70 per cent of remittances are spent on household and personal uses, including education, while the outstanding 30 per cent goes towards building or buying a house.”
He added that the bad news is that investments into real estate have started to dwindle as more people start to realise it is better to invest in dollars or pounds rather than in naira.