Abstract
One of the challenges facing many African countries today is the decline in the budgetary allocation to education despite the increase in the enrolment of students in public schools. This review article seeks to address the potential of financing education in Africa through diaspora remittances, with special reference to Nigeria. It reviews the evidence that suggests “Diaspora Bonds” are a significant alternative source of domestic funding. Informed by the successful exploration of the patriotic devotion of large Indian and Israeli emigrant populations, the article critically evaluates the potentials and limitations of a Diaspora Bond Policy. Drawing on findings from recent studies on diaspora bonds, the paper recommends that the Nigerian government explore the option of Diaspora Bond towards meeting the country’s educational priorities in line with the Sustainable Development Goal 4. The paper also triggers the awareness of governments in African countries on the need to further explore alternative sources of funding for education and development of other critical sectors of the economy.