New Telegraph

February 24, 2024

How Brain Drain In Nigeria Can Boost Remittances – IMF

The Federal Government has been advised to capitalise on the brain drain problem in the nation, Saturday Telegraph reports.

The International Monetary Fund (IMF) who made the call in a statement by its Director for Africa, Abebe Selassie said the Nigerian government needs to start seeing the bright side of the pattern that gave rise to the well-known “Japa syndrome.”

The term “Japa” describes the continuous movement of highly trained and middle-class Nigerians, which started in earnest in the late 1980s and early 1990s.

At first, this pattern was mostly seen in particular occupations, but it has since spread to include a wider range of people, mainly as a result of the implementation of visa policies intended to alleviate labour shortages in industrialised nations.

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Speking over the weekend on the development, the IMF Director disclosed the effects of brain drain on Nigeria during a session at the ongoing IMF-World Bank annual meetings in Marrakesh, Morocco.

He made the point that the Nigerian government may benefit from this occurrence in the form of higher investments and vital remittances, which are becoming more and more important for many African countries.

Although it is draining, I believe we also need to consider how we may get contributions from people outside of the continent. The IMF head commented that it’s difficult to stop people from moving away.

Governments might nevertheless look at ways to guarantee their continued contributions once people relocate overseas, such as the important role that remittances play for many nations.

After people have left the continent, another area we should focus on is maybe figuring out how to draw in more investment.

The World Bank conducted a study in 2022 which showed that Nigerians residing overseas sent an astounding $20 billion home, which was the greatest amount of remittances in the sub-Saharan African region.

In order to keep young people in the nation, Selassie underlined the need for the government to provide incentives, which highlights the significance of implementing economic changes.

These changes ought to focus on empowering and facilitating the prosperity of the country’s residents as well as drawing in international investment.

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