• $7Billion
• Diaspora
• Edo State
• Okpebholo
• Remittances

EDO GOVERNMENT TAPS $7 BILLION DIASPORA REMITTANCES TO DRIVE ECONOMIC GROWTH

• 

  CapitalTimesNews / 5 days
• 0
• 2 min read

The Edo State Government, under the leadership of Governor Senator Monday Okpebholo, has launched a visionary and transformative policy framework to engage and empower the state’s global diaspora. The initiative, implemented by the Edo State Diaspora Agency, aims to strengthen ties with Edo indigenes worldwide, prioritize their welfare, optimize diaspora remittances for structured economic growth, and project a positive, unified image of Edo State on the international stage. The Chief Press Secretary to Governor Monday Okpebholo, Fred Itua, in a statement, said the administration recognizes the multifaceted challenges facing diaspora members, particularly the mental health struggles encountered by irregular migrants. “This administration has shown a deep recognition that the welfare of every Edo person abroad is paramount,” Fred Itua said. “Moving beyond mere financial transactions, the administration acknowledges the multifaceted challenges facing diaspora members, particularly the mental health struggles encountered by irregular migrants who have endured dangerous and traumatic journeys.” Fred Itua further disclosed that the administration seeks to unlock the immense economic potential embedded in diaspora remittances, which have historically been a crucial lifeline for Edo families and the state economy. “Recent data reveals that Edo State alone contributes a remarkable $7 billion annually, accounting for nearly one-third of Nigeria’s total diaspora remittances,” he said. The agency plans to partner with broadcast media outlets to produce the “Echoes from the Diaspora” series, showcasing the harsh realities faced by irregular migrants and dispelling myths about easy financial gain abroad. Fred Itua said the administration is dedicated to reshaping and amplifying Edo State’s narrative on the global stage, leveraging existing Edo associations and educational alumni networks worldwide. The policy framework includes the development of a cutting-edge online portal, where Edo indigenes can register and receive unique identifiers that validate their community membership. This platform will enhance diaspora business visibility and unlock special incentives such as money transfer rebates and potential tax breaks for returning residents. Governor Okpebholo’s vision for the Edo State Diaspora Agency is to reposition diaspora remittances from fragmented, informal support into a well-structured investment engine that drives Edo’s socio-economic development. As Dr. Loretta Ogboro-Oko, the agency’s leader, aptly expressed, this is “a work in progress that will outlive our children’s children,” built on the conviction that the unity of Edo people, both at home and abroad, is the strongest foundation for progress.