Nigeria: Diaspora Remittances Hit $24bn

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Nigeria, Africa’s most populous nation, has seen remittances from those in diaspora hit $24.3 billion in 2018, the highest recorded across Sub-Saharan Africa, and $2 billion higher than the inflows received in 2017.

According to the World Bank’s latest “Migration and Development Brief”, immigrants sent $46 billion to their home countries in sub-Saharan Africa last year, a 10 percent jump in remittances in 2017.

The growth in remittances was supported by strong economic conditions in high-income economies, the World Bank said.

Remittances to sub-Saharan African countries last year contributed significantly to the Gross Domestic Product (GDP) of these nations, a report by The Nation Newspaper confirmed.

Looking at remittances as a share of the GDP, Comoros had the largest share, followed by the Gambia, Lesotho, Cape Verde, Liberia, Zimbabwe, Senegal, Togo, Ghana, and Nigeria, according to the Brief.

Remittances to the Middle East and North Africa grew nine percent to $62 billion in 2018. The growth was driven by Egypt’s rapid remittance growth of around 17 percent.

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