Diaspora voice of reason
25 Billion Dollar Diaspora Remittances per year –what we expect for our money
By Christian Kalu Mba Agbai
Welcome to the second instalment of Diaspora voice of reason by Mr Chris Kalu Mba Agbai a prominent UK Nigerian Diaspora leaders, an educationist, computer scientist and a senior member of the UK CANUK organisation .
The key purpose of this article is the over 25 Billion Dollar total remittance from the Diaspora to Nigeria every year. The key questions are firstly what can Nigerian leaders do to maintain and indeed increase this vital contribution to its economy? Secondly what are the key critical areas that the Diaspora can partake and comfortable invest to see a reasonable, comfortable return on investment?
Currently, the main investment pathway for most young south eastern Nigerians people in Diaspora is to build a house in their village as a prelude to marriage or various age grade related functions. Most target their age grade naming or retirement ceremony as a point to build or complete their village house. Such is most welcome by village elders as it brings much needed employment and boosts the economy of the villages. Second consistent source of village economy boosts is the burials at around Christmas time, again village elders are grateful, not for the deaths but for the elaborate burials when diasporas children are involved as it boosts their coffers, which they can use to resolve some urgent village problems such as erosion and close open latrines.
From the point of view of the Diaspora investor the most important issues is that their investment is secure, that there is a legal framework to follow if a dispute occurs and that there is speedy justice because justice delayed for years is justice denied. In south eastern Nigeria as in other areas there is now good road and bridges infra structure because the south east governors are now competing against each other and the citizens of a state will point at a neighbouring state to judge their own governor. This has indeed led to a healthy competition among governors.
However, the areas that must be improved for further investment are security. The states are screaming for strong independent professional police system with detectives who are feared and respected. The unitary police force created by the 1999 constitution section 214 and 215 clearly needs serious amendment because it places far too much power in the hand of the inspector general. Should state police commissioners be answerable to the state governor or the federal inspector general ? Of course the answer should be both. Inspector general should set out policies and procedures for the federation while state police commissioners, working closely with state government and judiciary should enforce state and federation laws. Do we fully trust all the characters that emerge as state governors in the federation? I reserve judgement on that issue. The southeast towns and villages depend on vigilante youths to solve most disputes and they do a good job, but they may not get it right all the time.
The second issue that will secure more investment to the south east is a strong independent accountable judiciary that can quickly without prejudice pass judgements on disputes in a speedy but transparent way.
Thirdly we would like to see a high speed high quality bullet rail system as in France and China. The old railway system left by the colonial masters from port Harcourt to Aba, Umuahia, Okigwe and Enugu must be refurbished and upgraded to executive business class level. This project has had several false dawns, the south east development commission (sedc) should get a grip of this project immediately as it would reduce the pressure on the roads.
Finally, while many financially savvy diasporas investors are making a healthy return in the Nigerian stocks and shares bank account where they can enjoy 15% to 22% returns, others tell me they would like to see major state housing development as in Lagos housing development for south eastern state indigenes in diasporas. Such housing with state secure documentation would be attractive to new young Diaspora investors, would boost the state internal revenue, create jobs and create long term income for the state government in terms of maintenance tax.
