Transforming Diaspora Remittance To Production

“The seven social sins are:

Wealth without work.

Pleasure without conscience.

Knowledge without character.

Commerce without morality.

Science without humanity.

Worship without sacrifice.

Politics without principle.”

Federick Lewis Donaldson

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Olaitan was based in the US and needed a way to take care of his family in Nigeria. He decided that the best way to do that is to start a business in Nigeria managed by his siblings. He was able to raise money for that purpose and send it to his family to start the business. They rented an office, he shipped some of those products to Nigeria. Things were going well from the start but then they started using the funds for their own needs. In a short while, the business was out of cash. The business died. Olaitan then promised never to start a business in Nigeria except he is there himself.

Rather, that thinks of investing in a business in Nigeria, like many Nigerians in the diaspora prefer to constantly remit money to their families and friends in Nigeria. As a result, Nigerians in Europe and the US remitted the following:

In 2019, $23 billion was remitted to Nigeria

In 2020, $17.21 billion was remitted to Nigeria

In 2021, $19.2 billion was remitted to Nigeria

Remittance does not solve the problem of poverty. More remittances are made because of higher food prices. Growth in remittances is supported by strong economic activities in Europe and the United States.

If a quarter of this money were channeled towards building businesses that grow and scale, many of Nigeria's challenges with poverty, ineptitude and poor services would have been solved. This exactly is what we want to do: to help Nigerians in the diaspora design and build businesses that solve Nigeria's problems. Nigerians deserve better. Building a business is easy today going the lean way.

This simply means that the more Nigerians remit money to Nigeria, the more they build the economy of the current nation they reside in. They are not robbing the countries they reside in but rather developing those nations. And the free money they send to Nigeria destroys the psyche and productive capacity. Continually getting money without working for it destroys human capacity.

It is exciting to get the remittance personally. However, when you become dependent o it, you won’t believe you can do anything to produce value that will earth you the same amount of money. Diaspora remittances only solve individual problems momentarily. Free money easily corrupts and renders the mind docile. We need active mindsets.

Diaspora remittance does not make Nigerians more productive rather it makes them lazy ad dependent. Value is created in the country from where the money is remitted. As diaspora remittances increased, Nigeria became the poverty capital of the world.

With diaspora remittance increasing the people who solve people’s problems become richer while those who are remitted become poorer. As the economy goes south because of a decrease in production, people become more dependent on remittances. No nation will want its people to be dependent on free money.

Free money here means money gotten without being productive. Money someone gets without being productive doesn’t add value to the nation. I know how important it is to send money to the family, however, we need to attach getting money to production. I am not against remittance to family members, what I am saying is that there should be a better way to do that which adds value to the nation.

Wealth without work leads to evil. The greatest harm that will be half a nation is when its people get money without working for it. Work here stands for production and value creation. A nation is enriched by the productivity and value creation activity of its people. If more people in the nation get money without production, then the future of that nation is bleak.

We want to intervene and transform those remittances into businesses that can scale. We will not only develop the business model, but we will also coach the person who will lead the company, recruit and train the staff who will run the business, and guide its growth. Nigeria needs more businesses that engage people’s minds to be productive and create value for people and the nation.

We build businesses that solve Nigeria’s problems. Money remitted won’t solve the nation’s problem, only a business can do that. A business will create jobs and wealth. We help Nigerians who want to build businesses to empower resources with the ability to create wealth by moving it from a lower level of productivity to a higher level of usefulness.

You can do a world of good for your family, many people, and the nation by building a business. A business that works is one of the best ways to give back to your community and nation and the greatest inheritance you can give your family. That is because we design the business model for your business idea and get it to the level that VCs can fund it if you desire that.

Nigeria has a lot of problems that governments can’t solve. Only businesses can solve that. Why not let us transform your remittance into a business that will scale? We use design thinking and lean methodology to develop a business model that works. You can call/whatsapp +2348101671745 or email [email protected] to start a conversation.

We are organizing a Game-Changing Value Creator Coaching program. You can be part and should be part. It is for you. If you want to attain freedom and find fulfillment at work, then become a value creator.

Be part of the Game-Changer Value Creation Coaching program. You will go through the mindset required to create and the tools you need to always create value in the workplace. Are you ready for a fundamental change- a breakthrough in the way you approach your work? If you are, then you are ready for the Value Giver Coach Program. Please call +2348101671745.

?We are still fundraising. This is why we are building a new school model where teachers, parents, and businesses contribute to building a better world. You can be part of making your donation here.