Following the recent illegal money transfer practices, where Nigerians are lured into transferring funds through illegal money transfer operators, the Central Bank of Nigeria (CBN) warned Nigerians in the Diaspora against patronizing these operators as it would be to their own peril. These illegal operators lure their victims by using Naira accounts opened in local commercial banks with ridiculous rates. They use these accounts for legal businesses and pay out the proceeds to the beneficiaries while channeling the foreign currencies to fund the parallel market.
This practice made it difficult for such transactions to be reported to the appropriate authority thus undermining effective surveillance of the banking sector, resulting in discrepancies in statistics on the transactions between countries of origin of remittance and Nigeria. The CBN announced the names of licensed operators authorised to handle remittances of money to Nigeria on behalf of Nigerians in the Diaspora. They include:
Recent trends in globalisation and migration have seen the movement of people between countries and citizens of Nigeria have also emigrated to lots of other countries. As Nigerians have settled in their host countries they have brought with them Nigerian food, music, style and culture.
Also, the increasing number of Nigerians in the Diaspora has created opportunities for businesses and services that are tailored to satisfy their needs and wants. Industries such as Food, Entertainment, Religion, Fashion etc., have propped up to service the Nigerian Diaspora while some other industries have expanded to include services targeted to the Nigerian Diaspora – Travel, Legal (immigration), Money Transfer, Communication, etc.
Our goal with this research is to evaluate industries and sectors focused on Diaspora audiences and identify those that target or are designed for the Nigerian Diaspora and determine which offer the best growth potential for businesses, governments and organizations to participate in. Using this criteria, the “Nigerian Food” segment stands out as a viable and high growth opportunity segment. We observed significant activity and innovation within this segment though there is little awareness of the participants or the products or services being offered.
We hope to shed more light on the Nigerian food segment and the level of activity and innovation.
Millennials are generally described as individuals that were born between the early 1980s and the early 2000s (approximately 18 – 34 year olds). We separate Nigerian Diaspora millennials into children of immigrants from Nigeria into the U.S (native born) and individuals who lived most of their life in Nigeria (Nigerian-born) and have relocated to the USA for education or to start their life/careers.
Members of each of these millennial segments are a product of the environment they grew up in with some similarities and several differences. Different sub-segments also exist within each of these Diaspora millennial segments, such as life stages, and evaluating millennials on these sub-segments also enables us recognize patterns, similarities and trends. For example, there are differences between someone who has a job and someone that is a student; someone who is married with kids and someone that is single.
Understanding the similarities and differences between both segments of the Nigerian Diaspora millennials and their sub-segments will be essential to developing effective methods for reaching and engaging with them.
Engaging Nigeria Diaspora Millennials
Using the two categories of Nigerian Diaspora millennials an approach for an effective outreach and engagement program will involves three steps: