DIASPORA INVESTMENTS AS A MECHANISM FOR FINANCING DEVELOPING ECONOMIES: A REVIEW OF THE NIGERIAN DIASPORA BOND EXPERIENCE
DIASPORA INVESTMENTS AS A MECHANISM FOR FINANCING DEVELOPING ECONOMIES: A REVIEW OF THE NIGERIAN DIASPORA BOND EXPERIENCE

Summary/Abstract: Despite the extensive economic literature on diaspora or migration and its negative impacts on origin economies, there is a growing trend among governments to explore mechanisms for leveraging this phenomenon to support economic development in the origin countries. This is particularly evident in efforts to encourage remittances and investment in financial instruments and products offered by institutions and governments of these countries. This study, within a descriptive and analytical framework, aims to examine the contribution of the diaspora in financing the economy, with a focus on the case of Nigeria, one of the African economies where the diaspora constitutes a significant percentage of the global migrant population. The study found that the diaspora plays a crucial role in financing the economy, whether through remittances or investments. However, there are several challenges and issues that need to be addressed to ensure the sustainability of diaspora financial flows to the origin countries.

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