Nigeria receives 40 percent of remittances to Sub Saharan Africa in 2022
After falling dramatically from $23.8 billion in 2019 to $17.2 billion in 2020, remittances by Nigerians in diaspora grew to $19.5 billion in 2021 and is projected to grow further in 2022 to account for 4.2 percent of the country’s Gross Domestic
The 2022 World Bank Migration and Development Brief estimates Nigeria to receive $20.9 billion in remittances in 2022. The amount represents approximately 40 percent of total remittances to Sub Saharan African (SSA) countries.
After falling dramatically from $23.8 billion in 2019 to $17.2 billion in 2020, remittances by Nigerians in diaspora grew to $19.5 billion in 2021 and is projected to grow further in 2022 to account for 4.2 percent of the country’s Gross Domestic Product.
Globally, remittances are projected to grow by 1.7% to N 794 billion in 2022. The financial flows to low- and middle-income countries (LMICs) is estimated to grow by 5.0 percent to $626 billion. India ($100 billion), Mexico ($60.3 billion), China ($51 billion), and Philippines ($38 billion) are the top-four recipients of inward remittances in 2022.
“Migrants help to ease tight labour markets in host countries while supporting their families through remittances,” said Michal Rutkowski, World Bank Global Director for Social Protection and Jobs.
According to World Bank, remittances are a vital source of household income for LMICs. They alleviate poverty, improve nutritional outcomes, and are associated with increased birth weight and higher school enrolment rates for children in disadvantaged households.
Most Popular News
- Finger millet genome breakthrough to help safeguard food security
- Zambia reaches agreement with external bondholders on debt restructuring
- Afreximbank, Export-Import Bank of China sign $600 million facility
- Africa has potential to become a global fashion leader – UNESCO
- South Africa economy to slow down in 2023 before stabilising in 2024
- Moghalu appointed to chair Advisory and Executive Boards of APSS