Connect with us
Gage

Business

Nigeria records lowest remittances from abroad since 2008

Nigeria recorded the lowest remittances from abroad since 2008 as Covid-19 affected the income of Nigerians living abroad

Published

on

Nigeria received $96 billion diaspora remittances inflow in 6-years

Second-quarter data from the CBN shows Nigeria recorded the lowest remittances from abroad since 2008 as Covid-19 affected the income of Nigerians living abroad and looking to snd money to loved ones back home.

According to the data, remittances fell to $3.3 billion in the second quarter of the year way lower than the average of $5.8 billion per quarter remitted to the country. The drop can be attributed to the Covid-19 pandemic.

Explore Data on the Nairametrics Research Website

The data highlights just how bad the global economic crunch has affected the income of people across the world especially Nigerians in diaspora looking to send money to their families. Most have either lost their jobs or seen their earnings tumble due to the global lockdowns.

READ: South South States lead in Nigerian unemployment

Specta

Nigeria also relies on dollar inflows from remittances to improve on its balance of payment position, a critical economic indicator used in determining a country’s foreign exchange position.

READ: Is Zenith Bank thriving on the strength of sound financial indices?

Total foreign remittances into the country rose to $23 billion in 2019 one of the highest on record helping boost income and investments in Nigeria. Poor countries like Nigeria rely heavily on these inflows to soften the low income paid to citizens while also funding millions of families from education to healthcare.

Coronation ads

Nigeria  Remittances only came second to oil as Nigeria’s top export earner much more than foreign portfolio and direct investments into the country.

READ: 150 million to fall into extreme poverty by 2021 – World Bank

Third-quarter numbers are likely to improve as the unemployment rate dropped in the third quarter of the year particularly in the US. For example, the US unemployment rate was as high as 14.7% in April at the height of the lockdowns but has since dropped to 7.9% in September 2020. It was 4.4% in March this year.

Why this matters: Apart from helping to stabilize the exchange rate, remittances are a critical source of cushion for millions of families in Nigeria.

Coronation ads

READ: Nigeria’s dollar earnings fall by over $7 billion due to Covid-19

Stanbic IBTC
  • The global economic impact of the COVID-19 pandemic remains pervasive in most developed countries despite the easing of lockdowns.
  • In fact, some countries, particularly in Europe are going through the second phase of lockdown meaning more jobs could be lost as we approach winter.
  • Nigerians also look forward to the ember months for remittances and is also a useful tool at stabilizing the exchange rate. In the 4th quarter of 2019 and 2018, Nigerians in diaspora remitted $5.9 billion and $6.24 billion respectively.

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

2 Comments

2 Comments

  1. Dele

    October 13, 2020 at 1:49 am

    The issue is not just about unemployment, the major issue is about the under ground players hawking on the streets.

  2. Colman Nwokoro

    October 13, 2020 at 6:10 am

    You are aware of all this, yet you make things so difficult whenever we visit home. The hardships you have caused so many who visited recently in the name of covid-19 test have made many to decide otherwise.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

FG to organize another tripartite meeting for Lagos-Ibadan expressway gridlock

The FG has announced plans to organize tripartite stakeholders’ meeting to resolve issues on the Lagos-Ibadan expressway.

Published

on

The Federal Government has announced plans to organize another tripartite stakeholders’ meeting, as they have reiterated their commitment towards resolving the incessant gridlock and truck menace on the Lagos-Ibadan expressway.

This disclosure was made by the Coordinating Director, Highway Construction and Rehabilitation in Nigeria, Mr Funsho Adebiyi on Saturday during an inspection tour of the ongoing Lagos-Ibadan Expressway rehabilitation and reconstruction project.

According to a report from the News Agency of Nigeria (NAN), Adebiyi said that those invited to the meeting include the Lagos, Ogun and Oyo state governments, as well as truck drivers and owners, traffic regulatory agencies, amongst others.

What Mr Adebiyi is saying

While expressing regret that the constant presence of articulated trucks parking indiscriminately on the Oghere section of the ongoing Lagos-Ibadan Expressway project is damaging new construction work on the highway, he said that drastic steps must be taken to tackle the problem in each of these states in conjunction with their governments.

He said,

Specta
  • You see trailers in their hundreds park on the road shoulders we are just repairing. Some of them are not parked empty, they are carrying as much as 900 bags of cement and they are abandoned there on the road shoulder.’’

He pointed out the need for another meeting, as the 4 previous stakeholders’ meetings held with truck drivers and owners, as well as other stakeholders did not achieve the desired results.

Adebiyi said,

  • I had invited my Minister to a town hall meeting before and he has met them and we are organizing another town hall meeting with them next week Friday and Saturday, to come and sit down with them to discuss with the truck drivers, truck owners, the truck park operators. We are making efforts also to construct parks where they can park – about 4,000 capacity truck park. It will be constructed still along this Oghere end, but we are begging them to stop parking on the road.’’

Adebiyi, during an earlier inspection of section one of the highway which stretches from Ojota in Lagos to Sagamu interchange, said the federal government was constructing two major additional interchanges.

He also added that two flyovers were being constructed on section one, in addition to 14 existing ones on other stretches in Ogun and Oyo, to curb gridlock and improve the safety of new communities along the axis.

Coronation ads

What you should know

  • The reconstruction/rehabilitation of the Lagos-Ibadan expressway, which faced several setbacks was flagged off in 2013 with the award of the contract to 2 firms.
  • Section one of the project that spans from Ojota in Lagos to Sagamu interchange in Ogun state was awarded to Julius Berger, while the other section which spans from Sagamu interchange to Ibadan was awarded to RCC.

Continue Reading

Business

NIN: International passport renewal and 6 other key uses of the number

Nairametrics takes a cursory look at the importance of the NIN to Nigerians in our current system.

Published

on

NIN, How to retrieve your National Identification Number – NIMC

The National Identification Number (NIN) has become a vital means of identification in Nigeria for various purposes ranging from international passport renewal to opening of bank accounts, amongst others.

The National Communications Commission (NCC) recently directed telecommunication companies in Nigeria to block the lines of subscribers who fail to link their SIMs with their NIN before the January 19 deadline (for subscribers with NIN) and February 9 deadline (for subscribers without NIN).

This resulted in increased registration by Nigerians who are yet to get their NIN in a bid to meet the deadline, even as the NCC recently insisted that the deadline will not be moved.

Nairametrics takes a cursory look at the importance of the NIN to Nigerians in our current system.

Key areas NIN is required

  • Voters card registration: NIN is now accepted as a means of identification for obtaining the Permanent Voters Card (PVC) in Nigeria.
  • Bank account opening and reactivation: NIN is being used to access a wide range of services in banks and the financial services industry, ranging from documentations for the opening of an account, means of identification for payment of second or third party cheques, to reactivation of dormant accounts.
  • Consular services at Nigerian embassies and missions: As a bonafide citizen of Nigeria, NIN is now being used as a means of identification to access a wide range of services at Nigerian Embassies and Missions abroad, amongst others.
  • International passport: The Nigeria Immigration Services has made NIN compulsory as a means of identification for anyone that wants to apply for fresh or renewal of international passports in Nigeria.
  • Driver’s license: It has become compulsory for anyone that wants to apply for or renew his or her driver’s license to show his or her NIN as a means of identification. According to the Federal Road Safety Commission (FRSC), no vehicle registration or renewal can be done without providing NIN as part of its requirements – no waiver allowed.
  • Government-related jobs and grants/loans: Most government-related jobs cannot be secured without NIN as a vital means of identification. As a matter of fact, you even need to provide your NIN in the prescribed job forms to apply for the job.
  • Tertiary admissions: Most tertiary institutions, in addition to other means of identification, accept NIN for the processing of admissions and registrations of new students.

What you should know about NIN

  • The National Identification Number (NIN) is an eleven-digit number issued to every citizen and legal resident from age 0 under section 27 of the National Identity Management Commission Act.
  • Although its primary purpose is to track individuals for social security purposes, the National Identification Number (NIN) has become in reality, a national identification number for taxation and other purposes.
  • Enrolment consists of the recording of an individual’s demographic data and capture of the ten (10) fingerprints, head-to-shoulder facial picture and digital signature, which are all used to cross-check existing data on the National Identity Database, to confirm that there is no previous entry of the same data.
  • NIN is not the same thing as the National e-ID Card which is a physical token. It can be used on its own for digital identity verification without the e-ID card.

Specta
Continue Reading

Business

Pensioners’ walk-in-verification exercise postponed indefinitely by PTAD

PTAD indefinitely postponed the proposed resumption of the walk-in verification for pensioners.

Published

on

PenCom seeks bonds to clear N400 billion arrears as retirees groan

The Pension Transitional Arrangement Directorate (PTAD) has announced the indefinite postponement of the proposed resumption of the walk-in verification for pensioners at its headquarters and state liaison offices for all pensioners earlier scheduled for January 19, 2021, till further notice.

The postponement of the verification which is under the Defined Benefit Scheme (DBS), is in line with the Federal Government’s directive on measures to help curb the spread of the dreaded Covid-19 pandemic.

This disclosure is contained in a statement issued by PTAD on Friday, January 14, 2021, in Abuja.

The statement from the agency partly reads, “PTAD hereby informs the general public that the proposed resumption of the walk-in verification of pensioners at its headquarters and state liaison offices for all pensioners under the Defined Benefit Scheme earlier scheduled for January 19, 2021, has been postponed till further notice.

“The postponement is in line with the Federal Government’s directive on ensuring safe practice of the Covid-19 protocols, through the Presidential Taskforce on Covid-19.”

Specta

PTAD noted that pensioners under the Civil Service Pension Department (CSPD), the Police Pensions Department (PPD) and the Customs, Immigration, Prisons Pension Department (CIPPD) and Parastatal Pension Department (PaPD) will also be affected by this suspension.

It, however, in its statement, assured all pensioners who had requested for the walk-in verification that they would be contacted and scheduled for the exercise when the walk-in verification resumes.

PTAD also urged pensioners with urgent complaints to send their complaints as emails to [email protected], [email protected] of they should upload their complaints on PTAD’s website complaint link on ptad.gov.ng

What you should know

  • It can be recalled that PTAD had earlier announced the suspension of its walk-in verification for pensioners on December 10, 2020, and had said that the exercise would now commence on January 19, 2021. This makes it the second postponement of the exercise in about a month.
  • The latest announcement of indefinite suspension has been attributed to the outbreak of the second wave of the coronavirus pandemic.

Coronation ads

Continue Reading
Advertisement




Advertisement