Wednesday, 4 October 2017

Nigeria will record an inflow of $22bn from foreign remittances in 2017 – World Bank

The World Bank says Nigeria will record an inflow of $22 billion from foreign remittances in 2017 – an increase from $19 billion recorded in 2016.

According to the Migration and Development Brief released by the bank on Tuesday, global remittance flow will recover in 2017 after two consecutive years of decline.

 A statement on the bank’s website read, “Officially recorded remittances to developing countries are expected to grow by 4.8% to $450 billion for 2017. Global remittances, which include flows to high-income countries, are projected to grow by 3.9% to $596 billion.”

“Among major remittance recipients, India retains its top spot, with remittances expected to total $65 billion this year, followed by China ($61 billion), the Philippines ($33 billion), Mexico (a record $31 billion), and Nigeria ($22 billion).

“Buoyed by improved economic activity in high-income OECD countries, remittances to Sub-Saharan Africa are projected to grow by a robust 10 percent to $38 billion this year. The region’s major remittance receiving countries, Nigeria, Senegal and Ghana, are all set for growth.

“The region is also host to a number of countries where remittances account for a significant share of GDP, including Liberia (26%), Comoros (21%), and the Gambia (20%). Remittances will grow by a moderate 3.8% to $39 billion in 2018.”

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