Business

International remittances by migrants have increased by 650% in last 20 years- IOM

The Director-General of the International Organization for Migration (IOM), Amy Pope, says that migration significantly contributes to economic resilience, growth, and prosperity.

According to her, international remittances have increased by a staggering 650% over the last 20 years, noting that remittances, which stood at $128 billion in 2000, have more than quadrupled since then.

She noted this whilst speaking in Lagos at the opening of the 2024 International Dialogue on Migration, where she highlighted that migrants often provide solutions to some of the world’s most critical challenges, including climate change.

The dialogue, themed “Facilitating Regular Pathways to a Better Future: Harnessing the Power of Migration,” was organized by the IOM.

Pope explained that the 2030 Agenda recognizes migration as a potent catalyst for sustainable development due to its numerous benefits such as economic prosperity, skill exchange, labour force strengthening, and cultural diversity.

However, Pope noted that the benefits of migration should not be viewed solely in terms of what migrants can contribute to countries or communities.

She explained that the relationship between migration and development is complex and influenced by the political, social, and economic dynamics of potential destination countries, which shape how, where, and when migration occurs.

Pope emphasized that discussions about investment should also focus on investing in people and migration. She advocated for the creation of safe and regular migration pathways that minimize the risk of exploitation and ensure the protection of migrants’ human rights and dignity.

These pathways should also guarantee that migrants have access to essential services in their destination countries.

She urged governments and other stakeholders to put in place programmes that would deliver assistance and protection and raise awareness among migrants about options, rights, and services available to them.