This study examines
the pivotal role of the Nigerian diaspora in bolstering economic resilience
during periods of recession, focusing on the critical issue of economic
instability in Nigeria. Diaspora remittances have become a cornerstone of
Nigeria’s socio-economic development, providing vital support for families,
small businesses, and infrastructure projects. Utilizing the RBV, the research
adopts a qualitative approach, drawing insights from 10 Nigerian diaspora
members residing in the United States, Canada, the United Kingdom, Germany, and
France. Participants were purposively selected for their active engagement in
remittances, investments, and developmental initiatives. The findings reveal
three key types of contributions. Financial remittances stabilize households,
fund small businesses, and drive infrastructure development. Social
contributions, facilitated by robust diaspora networks, foster global
partnerships, mobilize funding, and advocate for improved governance.
Intellectual contributions, including knowledge transfer and skill-building,
enhance capacity in critical sectors such as healthcare, education, and
technology, fostering innovation and sustainable growth. Despite these
significant contributions, the study identifies barriers to effective diaspora
engagement. These include restrictive government policies, high transaction
costs, economic instability, and a lack of trust in institutional frameworks.
Participants propose actionable strategies to address these challenges, such as
implementing tax incentives, reducing remittance fees, streamlining
bureaucratic processes, establishing mentorship programs, and fostering
stronger collaboration between diaspora groups and government entities. This
study underscores the transformative potential of the Nigerian diaspora in
driving economic recovery, resilience, and sustainable development. By
integrating diaspora contributions into national development frameworks and
addressing systemic barriers, policymakers can unlock the full potential of
this critical resource. The findings provide a foundation for further research
and offer practical recommendations to optimize diaspora engagement in times of
economic adversity.
