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Home Economy Nigerian Economy

Symbiosis Of Migration: Nigeria’s Role In Global Exchange

by Cee Harmon
11 months ago
in Nigerian Economy, Lead-In
Reading Time: 3 mins read
Exchange
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Migration has long been an essential force in shaping economies and societies across the world, and for Nigeria, this exchange represents a critical symbiosis with the global economy. As Nigerians migrate abroad in search of better opportunities, the contributions of these citizens are increasingly felt both at home and in their host countries. Despite the challenges inherent in migration, this exchange brings valuable social and economic benefits that, when effectively nurtured, can bolster prosperity in both developing and developed nations.
For Nigeria, migration has become a financial lifeline for many families and communities. Remittances from Nigerians working abroad are a vital source of income, often surpassing foreign direct investment and official development assistance. In 2022, remittances to Nigeria alone were estimated to exceed $20 billion. This money supports millions of Nigerians by funding education, healthcare, and infrastructure, which improves quality of life and boosts the local economy. The impact of these funds is particularly noticeable in rural and underserved areas, where government support is limited and where remittances enable significant improvements in living standards and economic resilience.
Beyond financial support, migration opens doors for knowledge transfer, creating opportunities for Nigerian professionals to acquire new skills and experiences abroad. As these individuals return home, they bring back expertise in critical fields like healthcare, engineering, and technology, contributing to local innovation. This “brain gain” is invaluable, helping to bridge gaps in essential services and inspire development in Nigeria’s key sectors. As one Nigerian returnee from the healthcare sector, Dr. Paul Okolie, noted, “Working abroad taught me practices and standards that I can now bring back to improve patient care in my community.”
For host countries, Nigerian migrants play a crucial role in filling labour shortages, particularly in fields such as healthcare, education, and technology. In developed economies with aging populations, such as the United Kingdom, the United States, and Canada, Nigerian doctors, nurses, and IT professionals provide essential services. They bring not only their expertise but also cultural diversity that enriches the fabric of these societies. Nigerians in the diaspora are known for their high educational attainment, and they frequently contribute to the innovation and creativity of their host countries. This cross-cultural exchange strengthens social bonds and drives creativity in diverse industries.
However, this symbiotic relationship is not without its challenges. Nigeria faces the risk of a “brain drain,” where skilled professionals leave for more lucrative opportunities abroad, creating gaps in sectors like healthcare and education. With many doctors and nurses seeking work outside Nigeria, the healthcare system suffers from a shortage of qualified staff, which affects patient care. As Dr. Seun Kilanko, a health official pointed out, “The loss of talent to migration is felt daily in our hospitals and clinics, where we struggle to meet the demands of a growing population.” To mitigate this, Nigeria can benefit from policies that encourage “circular migration,” allowing professionals to work abroad temporarily while maintaining ties to Nigeria, creating a system where skills and knowledge can flow back to the country.
In host countries, political resistance to migration is an ongoing challenge. Some citizens of developed nations worry that migrants might take jobs or strain public resources. However, numerous studies have shown that migrants often complement local labour markets by filling roles that native workers are less inclined to pursue, particularly in essential sectors. Nigerian migrants contribute to the economies of their host countries through taxes and social security contributions, often more than offsetting the costs of public services they use. Understanding these contributions can help reshape narratives around migration and emphasis=e the mutual benefits of a diverse, multicultural society.
For Nigeria, a balanced approach to migration policies can help retain talent while also harnessing the rewards of remittances and international experience. Programmes to enhance skill-building at home, alongside incentives for skilled professionals to return after working abroad, could help bridge Nigeria’s skills gap. “Our focus should be on nurturing talent and creating opportunities within Nigeria that encourage professionals to contribute here,” an educational expert in Nigeria explained.

The symbiosis of migration underscores the interdependence of nations in today’s globalized world. Migration is not just a flow of people; it is a flow of ideas, skills, culture, and economic value. When migration is managed with fairness and foresight, it can lead to shared prosperity, enriching both the countries migrants come from and the countries they move to. This exchange is particularly significant for Nigeria, where migration holds the potential to drive economic transformation, knowledge sharing, and cultural enrichment.

In a world facing shared challenges like economic recovery, healthcare demands, and climate change, fostering a positive relationship around migration is essential. By embracing migration as a mutual resource, Nigeria and its partners can build stronger, more resilient societies that benefit from the skills, experiences, and cultures of people across borders. When migration is seen for its full potential, it becomes a powerful force for unity, innovation, and shared growth—a symbiotic relationship with the power to elevate us all.

 

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Lead-In

Providus Bank has acquired the 34% equity stake held by the Asset Management Corporation of Nigeria (AMCON) in Unity Bank Plc, marking a decisive step toward the long-anticipated merger between the two financial institutions. The deal, valued at about N6.5 billion, saw AMCON offload its decade-old holding in Unity Bank to Providus at a price of N3.18 per share, representing a 110per cent premium to the bank’s prevailing market value of N1.50 on the Nigerian Exchange. Industry analysts said the transaction signals a turning point for Unity Bank, which has faced prolonged struggles with weak capitalisation, rising non-performing loans, and declining market relevance. By transferring AMCON’s strategic stake, they noted, Providus has strengthened its hand as it pushes for regulatory approvals to consummate a full merger. AMCON acquired its Unity Bank stake during the 2011–2012 banking sector clean-up after the global financial crisis exposed balance sheet vulnerabilities across second-tier lenders. Its divestment, according to banking sources, underscores the corporation’s gradual exit from long-held equity positions as it focuses on recovering toxic assets and reducing its systemic footprint. “AMCON’s sale to Providus is significant not just for Unity Bank but for the entire financial system,” said a Lagos-based investment banker. “It shows the government is serious about cleaning up legacy interventions while paving the way for stronger private-sector-led banks.” Unity Bank shareholders are set to benefit from the deal’s pricing structure. At N3.18 per share, Providus’ offer more than doubles the bank’s trading value, giving investors a rare premium exit in a market where bank stocks often trade at steep discounts. For minority shareholders, the merger if approvedcould also unlock value by combining Providus’ niche strength in corporate banking and digital services with Unity Bank’s broader retail and SME base. Providus, one of Nigeria’s fastest-growing mid-tier lenders, is widely seen as using the Unity Bank deal to accelerate its ambition of achieving national bank status. By absorbing Unity’s branch network and customer base, the lender would scale its operations beyond its current limited licence, positioning itself to compete more aggressively with tier-one institutions. “The synergies are clear,” said a senior Unity Bank executive familiar with the talks. “Providus brings balance sheet strength and digital innovation, while Unity offers reach and brand equity, especially in northern Nigeria.” Following AMCON’s divestment, the proposed merger will be subject to approval from the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and Unity Bank shareholders. Both banks are expected to present a detailed merger scheme in the coming months, outlining share swap ratios, post-merger governance, and capital plans. Market watchers say regulatory scrutiny will focus on whether the combined entity meets CBN’s revised recapitalisation thresholds, which mandate higher minimum capital bases for Nigerian banks. The Providus–Unity transaction comes amid a wave of consolidation moves triggered by the CBN’s ongoing recapitalisation drive. Several lenders are exploring mergers, acquisitions, or fresh capital injections to meet compliance deadlines ahead of 2026. “This is the first big-ticket transaction of the recapitalisation era,” said a financial markets analyst. “It won’t be the last.”

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