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The Association of Bureaux De Change Operators of Nigeria has appealed to the Central Bank of Nigeria to make Bureaux De Change operators payout agents for diaspora remittances.
The President, ABCON, Alhaji Aminu Gwadabe, said the apex bank should leverage the over 5,000 licensed BDCs across the country to get dollars seamlessly to beneficiaries.
He said this in a statement on Sunday titled ‘ABCON asks CBN to make BDCs payout agents for diaspora remittances’.
Gwadabe said this would help in providing a more convenient channel for Nigerians in the diaspora to remit funds back to the country to boost economic development.
Vanguard News
Remittances inflow and the Economy
On
By Babajide Komolafe
Adeshola Akiniyi is one of the over 1.24 million Nigerians in Diaspora. He has been living in the United Kingdom for over 20 years.
Adeshola works 16 hours a day, spending most of the spare time shuttling between the three jobs, needed to generate earnings, from which he regularly sends money to his wife and three children back in Nigeria.
While his four dependents, who live in Abesan, Alimosho Local Government, may not be familiar with the word, ‘remittances’, they however know that most of the money they spent on foods, clothes, and school fees come from their dad who lives and works abroad.
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Ife Ogunfuwa
Stakeholders in the private sector say Nigeria’s competitiveness within Africa will improve if the government bridges the infrastructure deficit in the country.
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Manufacturers Association of Nigeria and Association of Bureaux De Change Operators of Nigeria spoke at a workshop organised by the Commerce and Industry Correspondents Association of Nigeria in Lagos.
They also called for an improvement in port facilities to facilitate participation of Nigeria in the African Continental Free Trade Area.
The Director-General, NACCIMA, Ayoola Olukanni, said policies must be implemented to improve ease of doing business and to reduce the cost of doing business, especially for SMEs, which contribute about 48 per cent to the national GDP and provide about 84 per cent employment according to various studies.