Again, Nigeria’s Diaspora Remittance to Exceeds $20 Billion This Year, Says World Bank
Nigeria is projected to again exceed $20 billion in Diaspora Remittance before December 31, 2023, according to the world bank in its fresh report.
In 2022, Nigeria had received $20.1 billion diaspora remittance.
The bank in its latest migration and development brief says Nigeria remains Africa’s largest recipients of Diaspora Remittance.
Ghana is trailing Nigeria with a projected $921 million remittance.
Diaspora remittance to Nigeria’s according to the report accounts for 38 per cent of remittance flow to Africa.
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Another major recipient of diaspora remittance in Africa is Kenya.
In terms of remittance costs, the World Bank report said that SSA remains the region with the highest remittance costs. The average cost of sending $200 to the Sub-Saharan Africa region slightly increased, averaging 7.9 per cent in 2023Q2 compared with 7.2 per cent in 2022Q2
Speaking on the report, the Global Director of the Social Protection and Jobs Global Practice at the World Bank, Iffath Sharif, said “During crises, migrants have weathered risks and shown resilience to support families back home. However high inflation and subdued global growth are affecting how much money they can send. Labour markets and social protection policies in host countries should be inclusive of migrants, whose remittances serve as a vital lifeline for developing countries.”
Lead economist and lead author of the report, Dilip Ratha, pointed out that “Remittances are one of the few sources of private external finance that are expected to continue to grow in the coming decade. They must be leveraged for private capital mobilisation to support development finance, especially via diaspora bonds. Remittance flows to developing countries have surpassed the sum of foreign direct investment and official development assistance in recent years, and the gap is increasing.”
Nigerians abroad had sent $20.1bn home in 2022.
