Brain drain: Sen. Akpoti-Uduaghan advocates Diaspora Investment and Development Bank

Sen. Natasha Akpoti-Uduaghan, the new Chairman of the Senate Committee on Diaspora Affairs and Non-Governmental Organisations, has called for functional governance to tackle the “Japa” syndrome, a phenomenon where many Nigerians are emigrating to other countries in search of better opportunities.

To tackle this, Akpoki-Uduaghan of the PDP, suggested establishing a Diaspora Investment and Development Bank.

This initiative would encourage Nigerians living abroad to invest in the country’s development, thereby promoting economic growth and reducing the incentive for citizens to leave.

According to her, reversing the “Japa” trend required creating an enabling environment that encouraged Nigerians to stay and invest in their home country.

Stressing the urgent need for structural economic reforms to retain Nigerian talent and harness the diaspora’s potential for national development, the senator said: “We cannot keep losing our best brains to other countries. However, the solution is not to force them to stay.

“People stay where opportunities are abundant, security is assured, and governance is functional. Nigeria must provide these conditions to stop the ‘Japa’ syndrome.”

Akpoti-Uduaghan, who proposed three key strategies, including the establishment of a Diaspora Investment and Development Bank, said Nigerians abroad could invest their remittances in structured projects in Nigeria through the Diaspora bank when established.

She said the bank would be managed by trusted professionals who would allow Diaspora contributions to be channelled into sectors like healthcare, infrastructure, and technology.

“Diaspora remittances contribute over $21 billion annually to Nigeria’s economy.

We must create a system where this wealth can be strategically invested in sectors that will drive economic growth, instead of being consumed on daily expenses alone.”

The second strategy is to expand economic opportunities and industrial development, she suggested, pointing out that countries, like India and Ethiopia, had successfully harnessed their Diaspora by establishing industries where returning citizens could work and contribute their expertise.