Nigerian diaspora remittances reach $20.77 billion in 2015

23 Dec 2015
Chibuike Oguh


Remittances to Nigeria rose every year over the last decade from $16.93 billion in 2006 to $20.83 billion in 2014.

Kemi Adeosun, Nigeria's Minister of Finance

Remittances from Nigerians living abroad hit $20.77 billion in 2015, making Nigeria the sixth largest recipient of remittances in the world, according to the World Bank’s Migration and Remittances Factbook 2016.

Remittances to Nigeria rose every year over the last decade from $16.93 billion in 2006 to $20.83 billion in 2014. In 2015, however, remittances fell slightly to $20.77 billion.

According to the report, the top two sources for Nigerian diaspora remittances in 2015 were the United States ($5.7 billion) and the United Kingdom ($3.7 billion).

The global top ten remittance recipients this year were India ($72.2bn), China ($63.9bn), the Philippines ($29.7bn), Mexico ($25.7bn), France ($24.6bn), Nigeria ($20.77bn), the Arab Republic of Egypt ($20.4bn), Pakistan ($20.1bn), Germany ($17.5bn), and Bangladesh ($15.8bn).

Nigeria tops the top ten remittance recipients in Africa by $20.77bn, followed by Ghana ($2.0bn), Senegal ($1.6bn), Kenya ($1.6bn), South Africa ($1.0bn), Uganda ($0.9bn), Mali ($0.9bn), Ethiopia ($0.6bn), Liberia ($0.5bn), and Sudan ($0.5bn).

Total international remittances sent by migrants to their families in their home countries will reach $601 billion in 2015, with developing countries receiving $441 billion, the Factbook said.

The United States was the largest source of remittances in the world, with outflows reaching $56 billion, followed by Saudi Arabia where $37 billion was remitted from, and Russia at $33 billion.

“At more than three times the size of development aid, international migrants’ remittances provide a lifeline for millions of households in developing countries,” said Dilip Ratha, co-author of the Factbook.

“In addition, migrants hold more than $500 billion in annual savings. Together, remittances and migrant savings offer a substantial source of financing for development projects that can improve lives and livelihoods in developing countries,” said Ratha.

Chibuike Oguh is Financial Nigeria's Frontier Markets Analyst

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