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Posted By admin on February 7, 2022

Between 2017 and 2020, Nigeria received total of $87.37billion in remittances from its citizens living in the diaspora, latest data released by the National Bureau of Statistics (NBS) and the World Bank shows.

New Telegraphs analysis of the 2020 Demographic Statistics Bulletin released by the National Bureau of Statistics (NBS) at the weekend, as well as the Migration and Development Brief 35 report published by the World Bank in November, indicates that Nigeria received $70.16billion and $17.21billion in remittances from 2017-2019 and in 2020 respectively. Infact, theWorldBankinits report in November projected that Nigeria would receive $17.6billion in remittances in 2021. If the prediction comes true, it would mean that the country received a total of $104.97billion in remittances in the last five years.

A breakdown of the latest NBS data shows that total remittance inflows into Nigeria, which stood at $22.04billion in 2017, increased to $24.31billion in 2018 and decreased to $23.81billion in 2019.

The World Bank said, in its report, thatwhiletheimpactof the Covid-19 crisis resulted in remittanceinflowsintoNigeria plungingto$17.21billionin 2020, policymeasuresintroducedby Nigerianauthoritieswouldsee inflows rebounding to $17.6billion in 2021.

As the Bretton Woods institution put it, Nigeria, the regions largest recipient, is experiencing a moderate rebound in remittance flows, in part due to the increasing influence of policies intended to channel inflows through the banking system.

The bank also noted that the exceptional size of the Nigerian migrant base (an estimated 800,000 persons) concentrated in two key host countries, the United States (375,000) and the United Kingdom (220,000) ensures that Nigeria continues to dominate remittance inflows into Sub- Saharan Africa.

It predicted that despite easingeconomicgrowthinhostregions of the world, and continued uncertainty regarding the course of the pandemic, remittance receipts in sub-Saharan Africa will accelerate in 2022, on the back of a gradual movement toward the use of official channels for inflows to Nigeria.

Specifically, the multilateral development bank stated that: Following the countrys (Nigeria) substantial adjustment of 2020, there are now signs that recent policy changes may be achieving some traction. For example, an increase in official remittances of 2.5 per cent in the first half of 2021 contrasted with the same period of 2020.

An anticipated 7.3 percent increase in remittances during 2022 would carry Nigerian receipts to $19 billion, still well below the average $23 billion that characterized the immediate pre-pandemic period.

Indeed, latest data released by the Central Bank of Nigeria (CBN) indicates that remittance inflows into the country last year may surpass the World Banks projection , as they rose to $14.2 billion in the nine months ending September 2021, up 10 per cent, from $12.9 billion in the corresponding period of 2020.

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Nigerians in the Diaspora remitted $87.37bn in four years - New Telegraph Newspaper

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