Troubled naira, untapped remittances and undefined role of BDCs | The Guardian Nigeria News


A man exchanges Nigeria’s currency Naira for US dollars in Lagos, Nigeria. (Photo by PIUS UTOMI EKPEI / AFP)

The die is cast. The official remittance market is in a battle for survival on all fronts. First, its old foe – the informal channels – is not relenting. And peer-to-peer (P2P) transfer is rearing its ugly head in readiness for what could be apocalyptic.

At a forum on the country’s economic prospects, the Chief Economist of PwC Nigeria, Dr. Andrew Nevin, said human capital, not oil, is the country’s largest export. A recent study by Bloomberg validated Nevin’s argument, picking Nigeria as the leader of countries with the most outstanding migrant workers across the globe. Nigeria was followed by Pakistan and Canada.

On the strength of its migrant workforce advantage and a culture that supports black tax (a term of South African origin that refers to the financial support expected of black working-class individuals by their families), the country’s yearly…

Source: Guardian Newspaper