Migration, Remittances and Nigeria’s Youth Population
Dmanyespite the many socio-economic challenges facing the world, Nigerians always seek opportunities within their immediate environments or across borders to succeed while transferring the gains within communities and beyond. Over 1.2 billion youths are growing up in the digital era, and for who emigrate from places like Nigeria, there is an expectation to fast-track development in communities and safeguard the future. There are many ways to ensure that our young population can continue to thrive and fulfil their potential. Access to infrastructural opportunities like a quality education, skills acquisition, and early introduction into financial resources and best practices are some of the most important resources for youth empowerment.
However, many youth lack funding and cannot afford to go to school or acquire a skill. This is why remittances are an important source of income for many people in Nigeria. Remittances fuel education. Access to education has the potential to power productivity, foster an entrepreneurial-minded population, and raise awareness of global economic challenges.
In Nigeria, young people are utilising their education and leveraging technology to tackle national problems, such as improving access to finance, education, food, and driving youth empowerment.
As we continue to evolve how we operate as a country in the aftermath of COVID-19, having smart, technology-forward solutions and options are more essential than ever. In finance, having digital solutions is critically important for people in rural communities where resources are limited, but has made a massive impact to help sustain our way of life throughout the pandemic.
The outbreak of COVID-19 drove innovative solutions that proved how effective application of advanced education can be as we quickly advanced various platforms like video conferencing for both personal and daily business life, financial solutions, medical communications and in countless other ways.
In a recent survey by The World Bank, 50% of respondents said they were willing to leave Nigeria for better economic futures, representing an increase of nearly 20% since 2014.
This means that opportunities exist to increase remittances to the country, thereby funding access to education and skills development that are critical for driving youth empowerment and youth-led solutions.
The decision of the Central Bank of Nigeria to incentivise remittances through the Naira for Dollar Scheme is laudable. It means that young Nigerians in the Diaspora are encouraged to send funds home through approved channels like WorldRemit, and the benefits thereof will be felt by both the country and individuals’ families thereby creating income for economic, empowerment.
The Nigerian youth diaspora communities are included in this circle of impact, many of whom emigrated in search of economic and educational opportunities. In return, they are making contributions in their host communities, transferring knowledge to empower other youth at home or fueling a pipeline of funds for the general well-being of family and friends at home.
A great example of how this can impact one’s life is through Afua Osei’s story. Afua Osei is an entrepreneur, partnership strategist, global growth coach and TEDx speaker who was recognised in 2014 by Forbes Africa as one of the youngest “power women in Africa.”
Through “She Leads Africa” a platform she co-founded with Yasmin Belo-Osagie, she has been providing mentoring and networking opportunities for young women across Africa to grow their careers and build their entrepreneurial and business acumen.
Our youth are one of the most critical segments of the population that must continue to receive investments, support and protection. They own the future and will be responsible for driving many of the investments and economic plans already in motion. If we do not empower them with the right levels of skills, resources and education, we may be setting ourselves up to undo many of the successes already recorded in the country.