- Nigeria continues to dominate other African countries with highest diaspora remittances, sending a total of $19.2 billion home in 2022
- A World Bank report said the the growth is expected to continue as it forecasts a positive outlook for the continent in 2022
- According to the report, fundamentals remain positive for continued gains in remittances into Africa
Nigerians abroad have sent a total of $19.2 billion home in 2022 alone.
World Bank said that in 2022, the remittance view is moderately positive, according to Business Insider. The bank released its Migration and Development Brief, saying that growth is expected to continue at 7.0 per cent to $55 billion.
World Bank places Nigeria tops
The growth, World Bank said, is despite the general adverse economic environment globally.
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Remittances all over the world have always been a much-needed help for low-income countries like Nigeria, most of which are African countries.
Because of the uncertainty that represents foreign Direct Investment (FDI), the World Bank said, diaspora remittances are paramount sources of international financing for developing countries like Nigeria.
In 2022, one of the most important factors that will sustain the momentum concerning remittances to the African continent is the increase in the use of official means.
Positive outlook to continue
According to the report, fundamentals remain positive for continued gains in remittances into Africa.
Nigeria continued its dominance in diaspora remittances on the continent due to the fact that the country has a large number of its citizens abroad.
Here are the top 10 countries with the most diaspora inflows.
Nigeria: $19.2 billion
Ghana: $4.5 billion
Kenya: $3.7 billion
Senegal: $2.7 billion
Zimbabwe: $2.0 billion
Democratic Republic of Congo: $1.3 billion
Uganda: $1.1 billion
Mali: $1.1 billion
South Africa: $900 million
Togo: $700 million
CBN Says Nigerians abroad increased dollar remittances from $6 million to $100 million weekly
Recall Legit.ng reported that Nigeria’s apex bank, the Central Bank of Nigeria (CBN) said diaspora remittances grew from N2.4 billion to N41.5 billion weekly since the introduced the Naira4Dollar scheme.
The bank said the scheme has led to a great and meaningful improvement in the diaspora remittances into Nigeria.
According to the bank, in January 2022 alone, the scheme saw an increase from $6 million to $100 million.