WORLD BANK REPORT SHOWS DIASPORA REMITTANCE TO NIGERIA AT $19.5 BILLION IN 2023

A recent World Bank report shows that diaspora remittance to Nigeria is $19.5 billion in 2023, constituting 35 per cent of such fund transfers to sub-Saharan Africa, with decline of 2.9 per cent year-on-year.

In the “Migration and Development Brief” the World Bank Group projected that global remittances are expected to grow by 2.3 per cent in 2024 and 2.8 per cent in 2025, to reach $690 billion next year. The United States continued to be the largest source of remittances in
the world, followed by Saudi Arabia and Switzerland, the report added.

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said last week that Nigeria was expecting a doubling of its Diaspora remittance in the near future to boost its foreign exchange earnings. For growth of remittances to Sub-Saharan Africa, the World Bank projected it to recover slightly from negative growth of -0.3 per cent in 2023 to +1.5 per cent in 2024. It further listed security risks in Burkina Faso, Chad, the Democratic Republic of Congo, Mali, Mozambique, and Nigeria as well as climate risks as other factors that could impact the expected remittance.

Image credit: Getty Images