Title: Social and Economic Contributions of Nigerians Abroad and Human Capital Development
Authors: Mba, Alex Obiora, Prof. Nwanolue B.O.G., Prof. Alumona Ikenna M.
Volume: 9
Issue: 6
Pages: 233-241
Publication Date: 2025/06/28
Abstract:
Some specific components in the domestic economy such as market conditions, role of domestic policies, resource endowments, the ease and cost of foreign exchange have impacted greatly on national economic development despite the volumes of remittances and transnational ties maintained by migrants in foreign countries. The economic gains of transnational migration in Nigeria are thus underpinned by the capacity to fill labour market gaps, promote trade and investment and bring innovation, skills and knowledge as well as household empowerment. It is unclear how transnational migration has contributed towards local capital formation, investments, and the transfer of knowledge that will eradicate poverty, enhance innovative skills and promoting greater human empowerment. This study therefore examines how social and economic contributions of Nigerians abroad have impacted on human capital development in Nigeria between 2010 and 2020. The study adopted qualitative methods of data collection and analysis and the transnational migration theory as framework of analysis. The findings showed that the social and economic contributions of Nigerians abroad did not improved human capital development in Nigeria between 2010 and 2020. The lack of enabling socio-economic conditions affected the level of foreign capital investment in Nigeria from Nigerians abroad. The study recommended that; to reap the benefits and multifarious opportunities of the diaspora space in Nigeria, the CBN must implement a coherent policy framework on liberalization, including reduction of the exorbitant charges on remittances (such as NGN5 charged on every USD1 inflow), and high cost of International Money Transfer Operators (IMTOs), to harness remittances into generating capital for productive investments for the growth and development of small and micro-enterprises. This will also spur commercial activities that can facilitate job creation. Again, to control the trend of education tourism, the government should increase the percentage of funding for University education at least up to 26 percent of the GDP as prescribed by the UNESCO, so as upgrade infrastructure and learning environment in Nigerian public schools. There is need to improve the conditions of service of lecturers to stem the tide of incessant strike actions. These efforts will help to encourage Nigerians to train their children in tertiary institutions in the country.