Nigerians in diaspora remitted a total of US$22bn back home in 2017. This is according to the World Bank Migration and Development Brief which was released yesterday. This marks the highest amount remitted in Sub-Saharan Africa last year, followed only by Senegal with a $2.2 billion remittance.
Nigeria is also listed among the countries [globally] with the highest levels of remittances last year, including the likes of India (US$69 billion), China (US$64 billion), the Philipines (US$33 billion), Mexico (US$31 billion), and Egypt (US$20 billion).
The US$22 billion remitted in 2017 by Nigerians abroad also indicates an impressive 10% improvement compared to the US$19.64 billion that was remitted in 2016.
According to the report, a total of US$466 billion was remitted to low-income and middle-income countries in 2017; an 8.5% increase compared to US$429 billion that was recorded two years ago. In general, the global flow of income (i.e., remittances, including to high-income countries) grew by 7% last year, closing in at US$613 billion against US$573 billion recorded in 2016.
The World Bank also stated that the recorded improvement is due mainly to continued growth in European and American economies. High oil prices are also said to have played a part.
Remittance inflows improved in all regions and the top remittance recipients were India with $69 billion, followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion), Nigeria ($22 billion), and Egypt ($20 billion). Remittances are expected to continue to increase in 2018, by 4.1 percent to reach $485 billion. Global remittances are expected to grow 4.6 percent to $642 billion in 2018. “Remittances to Sub-Saharan Africa accelerated 11.4 percent to $38 billion in 2017, supported by improving economic growth in advanced economies and higher oil prices benefiting regional economies. The largest remittance recipients were Nigeria ($21.9 billion), Senegal ($2.2 billion), and Ghana ($2.2 billion). The region is host to several countries where remittances are a significant share of gross domestic product, including Liberia (27 percent), The Gambia (21 percent), and Comoros (21 percent). In 2018, remittances to the region are expected to grow 7.0 percent to $41 billion. -The World Bank
This year, the World Bank expects global remittances to continue to increase by a 4.1% growth estimate, even though hinderances abound; including the stricter migration policies currently being imposed in many European countries as well as the USA.
The full report can be read here.