Why the diaspora is a gold mine for Nigerian startups
- The Nigerian diaspora has increased due to sustained emigration; what does this mean for the country’s startups and innovators?
- What challenges does the Nigerian diaspora face that present commercial opportunities for startups?
Economic migration trends in Nigeria have gained much attention in the last few years. Nigerians seeking better opportunities are relocating to more developed economies. The United Kingdom, the second most popular destination for Nigerian emigrants according to data from the International Organisation for Migration (IOM), has seen the number of people with Nigerian ethnicity increase from circa 205,000 in 2018 to about 281,000 in 2020, according to official statistics.
This large exodus, colloquially known as “Japa,” has gained a bad reputation in some quarters. From those who focus on the brain drain it is causing to the Nigerian economy to host nations raising the alarm about the number of dependents accompanying the visa holders.
Despite the bad reputation, migration has a positive aspect for some countries, especially for Nigeria—the remittances sent by Nigerians in the diaspora to their social networks back home. The value of remittances has increased from $1
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