Nigerians in Diaspora remit $65.34bn in three years
The Nigerian Diaspora Population remitted $65.34bnin three years to boost economic activities in the country, data obtained from the World Bank have shown.
According to the World Bank data, in 2018, the Nigerian Diaspora remittance was $24.31bn, in 2019, it dropped to $23.81bn and in 2020, it fell to $17.21bn
Remittance inflow made up 4% of Nigeria’s Gross Domestic Product in 2020.
According to the United Nations Department of Economic and Social Affairs, Nigeria had a Diaspora population of 1.7million as of 2020.
This puts the average remittance per Nigerian abroad ( based on 2020 Diaspora population) at $38.348 across the three years.
Since 2008, India has held the trophy for the largest recipient of Diaspora remittances as it reaps from its largest pool of technology experts who are sought after, abroad.
However, in the years under review, on per-person average, Nigeria received more remittances than India and Bangladesh, another top destination of Diaspora remittances.
There are possibilities however, that the Nigerian Diaspora Population is larger than what has been officially captured.
The Senior Special Assistant to the President of Foreign Affairs and Diaspora, Mrs. Abike dabiri-Erewa, had in 2017 said there were about 15 million Nigerians in various parts of the world.
According to the International Monetary Fund, remittances are household income from foreign economies arising mainly from the temporary or permanent movement of people to those economies. Remittances include cash and non- cash items that flow through informal channels, such as money or goods carried across borders.
The IMF stated that remittances help poorer recipients meet basic needs, fund cash and non-cash investments, finance education, foster new businesses, service debt and essentially drive economic growth.
