The World Bank has projected $17.6 billion Diaspora remittances into Nigeria in 2021, representing 2.5 per cent increase from $17.2 billion recorded in 2020.

The Bank gave this projection in a report titled, “Migration and Development Brief 35”, attributing the moderate increase in Nigeria’s Diaspora remittances to increasing influence of policies intended to channel inflows through the banking system.


Among other things the report projected 7.3 per cent increase in remittances to low and middle income countries in 2021. The World Bank also projected a 6.2 increase in remittances to Sub-Saharan countries in 2021. The World Bank stated: “Remittances to low- and middle-income countries are projected to have grown a strong 7.3 percent to reach $589 billion in 2021.



“This return to growth is more robust than earlier estimates and follows the resilience of flows in 2020 when remittances declined by only 1.7 percent despite a severe global recession due to COVID-19, according to estimates from the World Bank’s Migration and Development Brief released today.

“Remittance inflows to Sub-Saharan Africa returned to growth in 2021, increasing by 6.2 percent to $45 billion. Nigeria, the region’s 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.



“Countries where the value of remittance inflows as a share of GDP is significant include the Gambia (33.8 percent), Lesotho (23.5 percent), Cabo Verde (15.6 percent) and Comoros (12.3 percent). In 2022, remittance inflows are projected to grow by 5.5 percent due to continued economic recovery in Europe and the United States.

“Costs averaged 8 percent in the first quarter of 2021, down from 8.9 percent a year ago. Although intra-regional migration makes up more than 70 percent of cross-border migration, costs are high due to small quantities of formal flows and utilization of black-market exchange rates.”

https://www-vanguardngr-com.cdn.ampproject.org/wp/s/www.vanguardngr.com/2021/11/world-bank-projects-17-6bn-diaspora-remittance-to-nigeria-2/amp/?usqp=mq331AQKKAFQArABIIACAw%3D%3D

Great

Big Grammar

That's Seven Trillion, Two Hundred and Twenty-Seven Billion, Six Hundred Million Naira only (NGN 7,227,600,000,000) @. Omo, abi I make mistake?

Enough to finance more than 80% of next year's budget.

Chai! The actual remittance may be higher sef, but definitely not significantly lower to the projected amount.

.

$$$$$

Only southern Nigeria are responsible for this at least 99%

It is called investment.

The only difference is that Nigeria export human capital that it has in quantity with about 60% low discipline on the rules of laws.

Righty said by somebody here that southern Nigeria is responsible for this foreign remittances and that is why the south is in charge of the Nigeria economy in all angles.


If not for the igbos northern Nigeria and most African countries would be more like old scanty villages

Money that supposed to have been turning nigeria around had it been that most of that money are for investment, but no the abroad people can not be watching their people die of hunger and starvation.

Omooooo! See cashout for oga at d top next year.

Better for the economy

Foolish thought.

Aboguede:
It is called investment.

The only difference is that Nigeria export human capital that it has in quantity with about 60% low discipline on the rules of laws.

Righty said by somebody here that southern Nigeria is responsible for this foreign remittances and that is why the south is in charge of the Nigeria economy in all angles.


If not for the igbos northern Nigeria and most African countries would be more like old scanty villages

Remittance from abroad saving Nigerians since 1990.

Instead of begging foreign countries for money FG should find a way to tap into the vast wealth of Nigerians living abroad.

In spite of the mess FG have made of the country, Nigerians abroad still love this country and will be willing to invest aggressively if FG is sincere enough with development plan and produce a conducive and just system for doing business.

This remittance is what is sustaining Nigeria's economy. If this remittance dries up, naira will crash and the economy will feel the impact. We haven't seen any major Foreign Direct Investment in this present regime.

Holly Gram WTF MAN

Of what value is the remittance, when our economy is still in shambles. Will the remittance to World Bank Group reduce the sales of bread from N350 to N200 as it used to be, or will it reduce the sales of LNPG from N800 to N300 as it used to be.

We are suffering in our land, who will save Nigeria? Cos 2023 still far!!!

If only we had a government that's up and running!

Without these monies, some families would have starved to death.

If you now add the ones sent through btc, it will be double the amount.

If not for bad leaders, Nigeria would have been one of the best country in the world. Na wa oo.

Igbos in diaspora made it happen
This should send a message to the north that the south can survive anytime any day

Traplord09:
https://www-vanguardngr-com.cdn.ampproject.org/wp/s/www.vanguardngr.com/2021/11/world-bank-projects-17-6bn-diaspora-remittance-to-nigeria-2/amp/?usqp=mq331AQKKAFQArABIIACAw%3D%3D

I can bet you that the remittances will be from Southerners to a far larger extent and middle beltans to a lesser extent. The Arewa North will be an almost no show.
Seriously the Arewa North are leeches.

Remittance by individuals forms a substantial part of this and that's good news.

Them go still thief am!

GloShare:
Without these monies, some families would have starved to death.

If you now add the ones sent through btc, it will be double the amount.

well said alot of families

anungangampu:
Only southern Nigeria are responsible for this at least 99%

Ethnic bigotry continue to hope you wud not die on top of that.shiorr

Those Nigerians abroad and remitting money home are really helping the people and government of Nigeria. It's funny to see that the same government is blocking some of the cross-border payment companies that facilitate these foreign transactions.

Good to be back,been a while I commented.
Back to the topic,this disapora remittance is very very huge,infact it's bigger than the combined budget of 32 states in Nigeria probably excluding Lagos,Rivers and Delta and Kaduna.
I believe the Nigerian government should really be looking at easing diaspora payments.
Mr Godwin Emefiele did a fantastic job by registering some fintech companies to handle remittance payment into Nigeria sometime last year,but I believe it's a market that can still be enlarged.
I believe fintechs like paystack,Patricia and all those other upcoming fintechs should be allowed to handle direct payment from bank or payment cards directly to Nigerian bank accounts.
Any fintech company from abroad that wishes to come into this market must as a matter of compulsion be made to open a local office in Nigeria and employ Nigerian staffs.
This market can't be ignored anymore,it's a gold mine that needs to be tapped for the quick development of Nigeria.

These foreign remittances are what's supporting many families after Buhari has turned this plans to hell

This is a segment of the economy that our government should be looking at....the figures have always been huge year ion year.....it behives on government to make policies that will enhance this remmittances.

Make it easier for Nigerians to travel
Protect your citizens abroad
Boost the image of the country
Make remittances I easy to access in the country

Chummynoni:
If not for bad leaders, Nigeria would have been one of the best country in the world. Na wa oo.

Very true. But Nigeria shall rise again.

Dikegodspower:
Igbos in diaspora made it happen
This should send a message to the north that the south can survive anytime any day

Yes oo.
And they can't survive without oil money from South and the sea ports there.