Nigerians in diaspora send home $21 billion in 2015 to make Nigeria sixth largest receiver

folarin okunola

December 26, 2015 10:18 AM

The research on this was conducted by the Migration of Remittance Factbook 2016, which relied on data compiled by the Global Knowledge Partnership on Migration and Development

A trader changes dollars with naira at a currency exchange store in Lagos, Nigeria in this February 12, 2015 file photo. REUTERS/Joe Penney/Files

According to various media reports, Nigerians in the diaspora sent about $21 billion back home in 2015, making Nigeria the sixth largest receiver of remittances in the world.

The research on this was conducted by the Migration of Remittance Factbook 2016, which relied on data compiled by the Global Knowledge Partnership on Migration and Development with support from the World Bank, German, Swedish, and Swiss governments.

The report also reveals that Nigeria is by far the largest receiver of remittances in Sub-Saharan Africa – it received a total of $34.8 billion this year alone.

According to the Premium Times, the data compiled also show that the US and UK are by far the ost lucrative destinations for Nigerian migrants.

Nigerian at home received $9.4 billion in total from both countries in 2015, with $5.7 billion of that total amount coming from the US alone.

Furthermore, the report also reveals that the US is the top remittance-sending country in the world with a total of $56.3 billion sent of the country to other parts of the world in 2015.

READ: Disrupting Nigeria’s $21B Remittance market - expert

Saudi Arabia came second with $36.9 billion followed by Russia with $32.6 billion, then Switzerland with $24.7 billion and Germany with $20.8 billion.

In addition, the report also reveals that the cost of sending money in Africa is the second highest in the world – the most expensive being the cost of sending money between Australia and Vanuatu.

The cost of sending money within Africa is so expensive that a sender will be charged 19 percent to send $200 from South Africa to Zambia. Sending the same amount from South Africa to Botswana will attract a 17.4 percent charge, while 17.3 percent is charged to send money from Tanzania to Uganda.

It costs just 3.1 percent to send money from the United Arab Emirates to anywhere in the world, and 0.6 percent to send the same amount from Saudi Arabia to Nepal.

folarin okunola