Experts predict diaspora remittances to Nigeria may exceed $34 billion yearly
Analysts have predicted that migrant remittances to Nigeria in 2023 could grow from $25.5 billion recorded in 2019, to exceed $34.8 billion.
Experts predict diaspora remittances to Nigeria may exceed $34 billion yearly (Credit: Murad Sezer/Reuters)
Recommended articles
Recall the firm had in 2019, predicted that migrant remittances to Nigeria could grow to $25.5 billion, $ 29.8 billion, and $ 34.8 billion in 2019, 2021, and 2023 respectively.
Remittances from the diaspora have been noted to be a higher source of foreign exchange to Nigeria thus making it a larger contributor to the Gross Domestic Product GDP, of the country.
Diaspora remittances take a higher position than oil in the GDP contributor ladder and also, far outweigh the contributions of Foreign Direct Investment, FDI into the country.
ADVERTISEMENT
In 2021, remittance from Nigerians abroad was four times the FDI inflows. FDI in 2021 was $4.8 billion while diaspora home remittance was $20 billion.
The prediction that diaspora remittances will keep increasing is partly based on the large number of Nigerians that keep migrating to other countries on a daily basis. As of June 2022, an immigration report in the United Kingdom indicated that Nigeria had the highest number of migrants to the UK.
The report noted that the number of Nigerian immigrants to the UK rose by 686 per cent from 8,384 recorded in 2019 to 65,929 as of June 2022.
The World Bank also revealed that in sub-Saharan Africa, Nigeria remains in the lead as the highest recipient of remittances in 2022. Kenya, Ghana and Senegal followed closely.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Access Bank launches first American Express Cards to be issued in Nigeria
Unleashing the Power Within: Key insights on Soft Power by Tobi Mohammed
Over 700 tankers convert from transporting PMS to gas
Saudi Arabia overtakes China and India as Kenya’s largest import market
Nigeria’s new president Bola Tinubu is vying for the privatization and de-monopolization of the electricity sector
The world’s largest ruby discovered in Mozambique just sold for a record price
Top 10 best African cities for startups
Ecobank, Dashen bank set up remittance app
Telecoms contribute ₦2.5trn to Nigeria’s GDP in Q1 of 2023
Pulse Sports
'There are people in Barcelona who don't want me to return' — Messi
EXCLUSIVE: ‘It is only Paul Onuachu’ — Frank Onyeka reveals his Super Eagles friend
Explained: How much will Lionel Messi earn at Inter Miami in USA?
Ese Brume soars to her best mark this season at ORLEN's Cup
Romelu Lukaku gives advice on how to stop racism in football
Victor Osimhen’s unprecedented Capocannoniere
Chukwueze beats two Morocco stars and Ghanaian striker to LaLiga award
ADVERTISEMENT
