Remittances by Nigerians living abroad provided a boost to the economy in 2018 as the total value of remittance from migrants amounted to $25 billion, (about N9 trillion), the highest diaspora inflow into the country in the last 13 years.

The global accounting giant, PricewaterhouseCopers, PWC, gave this information in a report titled: “Nigeria Economic Outlook: Top 10 Themes for 2019”. They noted that the amount translates to 83 percent of the federal government’s budget in 2018 and 11 times the Foreign Direct Investment (FDI) during the same period. The figure represents 6.1 percent of the country’s Gross Domestic Product (GDP).

Nigeria’s migrant remittance inflow was also seven times larger than the net official development assistance (foreign aid) of $3.359 billion received in 2017. The Report showed that remittance by Nigerians in diaspora rose steadily in the last 13 years and peaked last year in 2018 by 71.3 percent from $14.640 billion in 2005, while also outpacing FDI inflow by huge 1,036 percent.

Conversely, FDI inflow into the country, which stood at $2.200 billion within the period (2018), was 1,036 percent slower than the migrant remittance inflow.

Detailed breakdown of the migrant remittance during the 13 year period showed tremendous increase in the last three years, as it grew by 11.79 percent to $22.001 billion in 2017 from $19.679 billion in 2016, before recording another 14 percent growth in 2018 to the current figure. According to the Report, leading countries worldwide by value of remittance outflows comprise the United States of America, Germany, Russia and China.

Andrew S. Nevin, Chief Economist, PWC, said: “Nigeria’s biggest export is not oil; it is actually people, because of the remittances coming in. Election uncertainty coupled with lacklustre execution of policy reforms impact FDI inflow.”

“Global FDI flows fell by 19 percent in 2018. However, 2018 FDI flows to Africa increased by six percent from $38 billion to $40 billion. South Africa grew by 446 percent; Egypt by seven percent. Nigeria, on the other hand, fell by 36 percent (to $2.2 billion) and was overtaken by Ghana with $3.3 billion,” PWC said in the Report.

SOURCE: https://www.trendingaccounting.com/2019/02/nigerians-abroad-remitted-n9trn-in-2018.html

OK.

i am laughing because they remitted in dollar to earn more in naira, they only took the advantage of the dullard who brought recession to enrich their pocket and families, so how is this an achievement to people living in nigeria

Simply speaks loads of how bad the economy is and the increase of Nigerians depending on money from overseas

Putting this up as a direct support for Buhari is foolish. I live abroad and what chased me abroad was the hardship encountered under this government and same can be said of others abroad. Also, the money is that big because our Naira is no longer of value. If I send 10000 USD back to Nigeria in a year, it is automatically a huge amount of money because our Naira is basically useless. So yes, it would keep being like this as long as APC cannot grow the Naira.

There are 2 Major reasons why this is so:

1. Nigeria's Economy is battered so more Nigerians at home feed from what they BEG from relatives abroad.
2. Since our currency has lost its value, the Foreign currency they send fetches more Nigerian Naira than when our currency was stronger.

Buhari Must Go.

What do you expect when the dullard has made people at home very poor. This next level nonsense is really scary, God forbid it sha... Anyways big thanks to the Nigerians abroad for making life at home a little bit bearable for some of us.

You can't give what you don't have, simple! As a matter of urgency Nigeria needs someone that can bridge the gap in this 21st century, that can think outside the box, not someone that is not aware of all happenings within his immediate environment. Please Nigerians, let's look inwardly and see if we are honestly contented with our lives and that of our loved ones. Can we please make Nigeria work again?

They send money home from their locations using technology but can't vote from their locations with the same use of technology.

Another clear example of how Buhari messed up the economy and the escalating poverty in family units so much Nigerians in diaspora have to support their people at home more

The poverty buhari brought on us all made more people to rely on family and friends abroad for survival , thank God they're outside in countries that works

And 50% of those nigerians abroad re? If u knw u knw

That's for Nigerians that have relatives abroad To Help them cushion the effect of the hardship here

That shows the poverty level in the country.

Yahoo boys remitted the money and not Nigerians abroad

In other news.....

God bless our President MUHAMMADU BUHARI and his amiable Vice president Prof Yemi OSIBANJO as they take us to the NEXT LEVEL, AKA, a land flowing with milk and honey.


In other news.......

K

Pigs will say it is because of bad economy.

Same pigs which pulled some contrary fictitious figures from their anus to discredit the govt few days ago.

I still don't know how pigs survive these complicated self contradictions.

.

Yes because they have all ran away and working in foreign lands sending the money back home to the shithole.

It’s a survival Mechanism/strategy for a Nation that has failed them.

Don't get the benefits of this remittance.

8GB Atm card flash drive for #1000 only. Check link
https://www.nairaland.com/4972442/clearance-sales-
quality-8gb-atm

If not for those foreign remittances. ..

This man called Buhari has is own unique qualities as a leader... His charisma is what no corrupt person on earth can have.... His conscience when it comes to financial holding and appropriation is as clear as crystal.

Atleast 30% of the 25 billion na form yahoo Yahoo activities.
From clients around the world
May God help us in this country

We are the poverty capital of the world so we survive on handouts
This news should not be twisted to mean good for Nigeria.
I know APC lacks to heads to understand what it truly means

flowmama:
Poverty in the land...

Understanding: NONE!

Afospecialk:
PMB next level 100%

YESS OOO!

imamabi:
This man called Buhari has is own unique qualities as a leader... His charisma is what no corrupt person on earth can have.... His conscience when it comes to financial holding and appropriation is as clear as crystal.

You have said it all bro!