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Home Business News

Nigerians in diaspora remitted US$22 billion in 2017

Emmanuel Abara Benson by Emmanuel Abara Benson
April 24, 2018
in Business News, Politics
Jim Yong Kim

Jim Yong Kim, World Bank President

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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.

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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.

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The full report can be read here.

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Tags: Global remittancesNigerians in diasporaThe World Bank

Comments 1

  1. anodebenze says:
    April 24, 2018 at 3:55 pm

    22 billion dollar in remittance to Nigeria.i believe when the cbn says it.i believe of the Chinese and the philipinoes.i do not want to be a kill joy.if so ?,is this remittance converted into naira.moneygram and western union uses Nigeria bank directly,with the pumping of forex into the forex market,nigerian fianancial unit will be active,secondly they will be able to raises forex bond,the naira rate to the dollar and the pound will be lower,the economy would have moved faster,also various arm of the excecutive arm especially the lga would have imposes some form of taxes,as there isa lot of work to be done in Nigeria,is it health,transport,education.?
    when you pushed something,you find new work to do,the only new thing in Nigeria is construction,and this is the only thing moving.did kemi said,we are still in recession 2 weeks ago.22 billion dollar would have moved the economy.invested by the private sector

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