Search

Nigerian Diaspora Remittances Decline By 21% | Watch Video

Watch #LetsTalkDiaspora with Jermaine Sanwo-Olu and find out more on why Nigerian Diaspora remittances have fallen. According to data released by the Central Bank of Nigeria, Nigeria between January and June has received $952 million this year in diaspora remittances.

The remittance of 2023 records a 21% decline in comparison to the $1.210 billion, which was the record of the same time last year.

According to data released by the Central Bank of Nigeria, Nigeria between January and June has received $952 million this year in diaspora remittances. The remittance of 2023 record a 21% decline in comparison to the $1.210 billion which was the record of the same time last year.

Good According to data released by the Central Bank of Nigeria, Nigeria between January and June has received $952 million this year in diaspora remittances.

Diaspora remittance is a monetary transfer from one person to another, typically sent by someone working abroad back to their home country.

Remittances are highly complementary to government cash transfers and essential to households during times of need,” said Michal Rutkowski, global director of the social protection and jobs global practice at the World Bank.

From January to June, the direct remittances of each month from January and June has seen a steady increase starting at $79.2 million in January and $202.9 million in May. In total, the mid-year direct remittances to the country stand at $297.5 million.

Remittances in 2022, in contrast, were staggered but continued to fall steadily until the end of 2022 until recently after the new government was inaugurated in. Nigeria recorded a significant improvement in her level of remittances in the month of March and this was sustained in May and June with Nigeria recording a remittance expansion hitting $202.89 million and $297.48 million respectively.

In 2022, Nigeria was ranked amongst the top recipients of remittances alongside India, Mexico, China, Phillipines, Egpyt, Arab Rep., Pakistan and Bangladesh.

And although the year began with a decline in remittances, Nigeria bounced back with a robust expansion in remittances in the months of May and June rekindling the hope for a higher level of remittances in comparison with 2022.

This aligns with the expectation of the World Bank that remittance flows to middle-income countries are expected to by 1.4 per cent to $656 billion in 2023 amid a slowdown in global economic conditions.