Canada-based data analyst and Managing Director of RealTech Innovative Group Inc., Mr. Ridwan Abdulmumeen, has urged Nigerians living abroad to avoid reckless borrowing.
He warned that dependence on loans and credit facilities could lead to financial ruin and loss of property.
Abdulmumeen, a former financial expert at Deloitte Canada, gave the advice in an interview where he stressed the importance of financial discipline for Nigerians in the diaspora.
According to him, living within one’s means is the only sustainable way to thrive abroad.
“One piece of advice that I will give is that we should all try to live within our means. We should be careful when it comes to taking loans and credit. Nigerians in Canada should try to avoid credit. It is against financial discipline, and it is not good for planning. When they do not pay their debts, credit collectors will start going after them and later seize their properties one after the other,” he cautioned.
Abdulmumeen, who relocated to Canada in 2022 after years of professional practice in Nigeria, said his decision was informed by the country’s worsening economic situation.
He described Canada as a business-friendly nation that rewards hard work and consistency, noting that his experience in the data field has been fulfilling given his background in statistics and accountancy.
On the contribution of Nigerians abroad to national development, the analyst highlighted the role of diaspora remittances but emphasised the need for government to make the country more investment-friendly.
“Already, Nigerians abroad are contributing to Nigeria’s economy, because one of our biggest revenue sources in Nigeria is diaspora remittances. Investing in Nigeria is another way to contribute to the economic growth of the country. But Nigeria needs to work on attracting investors and businesses into the country,” he said.
Abdulmumeen further stressed the importance of literacy, arguing that Nigeria’s low educational standards remain a barrier to development and foreign investment.
According to him, a literate and teachable workforce is critical for national growth.
The data analyst also underscored the role of robust and reliable statistics in strengthening the financial sector.
He lamented that Nigeria lacks accurate data and urged the authorities to prioritise building a credible national databank.
“We need to generate more data. Before we can benefit from data analysis, we need to have very strong and robust data. If you have data that are not trustworthy, you are not going to get any benefit from it,” he added.
