- A New study carried out by World Bank revealed Nigerians abroad send home over $20 billion
- This is five times more money than what citizens of any other African country send home
- The continent also revealed growth is expected to continue as it forecasts a positive outlook for the continent in 2022
A new World Bank report has disclosed that Nigerians abroad sent $20.9 billion home to family and friends in 2022.
The remittance inflow into Nigeria from abroad is far ahead of what other citizens in Sub-Saharan Africa (SSA) countries send home.
The World Bank announced this in its latest Migration and Development Brief, which was posted on its website on Wednesday, 30 November 2022.
Nigerians' remittance compare to other African countries
Details from the report show that behind Nigeria are Ghana ($4.7 billion), Kenya ($4.1 billion) and Senegal ($2.7 billion).
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The world clearly stated in the report that Nigeria is the largest recipient of remittances in the region (SSA).
However, it came in second for Africa as a whole, behind Egypt ($32.3 billion), which is grouped under the Middle East and North Africa (MENA) region.
Nigeria, which witnessed a sharp recovery in flows during 2021 (13.2 per cent), maintained the improved momentum of 2021 into to the first quarter of 2022.
However, growth fell in Q2 data to 0.5 per cent vis-à-vis the same period of 2021.
Moreover, the country is reaping little benefit from the surge in crude oil prices, while the expatriate community faces real income losses in the United States, the United Kingdom, and the Euro Area.
Financial flow trend in Africa
The largest recipients of remittances in the region during 2022—measured in US dollar terms—include Nigeria, Ghana, Kenya, and Senegal.
Those countries more dependent on receipts as a proportion to GDP include the Gambia, Lesotho, Comoros, and Cape Verde, MoneyCentral reports.
Relative rankings of the top 10 recipients have changed little in recent years, though the Gambia has moved up in the remittances/GDP group given the dramatic political-economy changes there in recent years.
Notably, Ghana receives the second-largest remittance inflow in dollar terms and the ninth-largest level in relation to GDP.
Banks set limit on how much forex Nigerian students studying abroad can buy
Meanwhile, commercial banks in Nigeria have announced a limit to how much students studying outside the country can get for school fees
The banks also announced the number of days it will take for the application to buy forex would take
The limits are coming as CBN revealed that Study-related foreign exchange outflow to the UK alone has increased eight-fold