Nigeria will record foreign remittances inflow of $22 billion in 2017, higher than the $19 billion recorded by the country in 2016, this is according to World Bank prediction.

FINANCIAL WATCH learnt that India retained its top spot, with remittances expected to total $65 billion this year, followed by China ($63 billion), the Philippines ($33 billion) and Mexico (a record $31 billion).

The World Bank, which stated this in its Migration and Development Brief, obtained on its website wednesday, estimated that remittances to low- and middle-income countries was on course to recover in 2017 after two consecutive years of decline.

The Bank estimated that officially recorded remittances to developing countries were expected to grow by 4.8 per cent to $450 billion for 2017.

Global remittances, which include flows to high-income countries, were projected to grow by 3.9 percent to $596 billion.

According to the World Bank, the recovery in remittance flows was driven by relatively stronger growth in the European Union, Russian Federation, and the United States.

“As a result, those regions likely to see the strongest growth in remittance inflows this year are Sub-Saharan Africa, Europe and Central Asia, and Latin America and the Caribbean. In the Gulf Cooperation Council (GCC) countries, fiscal tightening, due to low oil prices, and policies discouraging recruitment of foreign workers, will dampen remittance flows to East and South Asia.

“In keeping with an improving global economy, remittances to low- and middle-income countries are expected to grow modestly by 3.5 per cent in 2018, to $466 billion. Global remittances will grow by 3.4 per cent to $616 billion in 2018,” it stated.

The report showed that global average cost of sending $200 remained stagnant at 7.2 perncent in the third quarter of 2017.This was significantly higher than the Sustainable Development Goal (SDG) target of three per cent.

But Africa, with an average cost of 9.1 per cent, remained the highest-cost region, according to the report.

It showed that two major factors contributing to high costs were exclusive partnerships between national post office systems and any single money transfer operator (MTO), which stifles market competition and allows the MTO to raise remittance fees, as well as de-risking by commercial banks, as they close bank accounts of MTOs, in order to cope with the high regulatory burden aimed at reducing money laundering and financial crime.

https://www.financialwatchngr.com/2017/10/05/foreign-remittances-nigeria-2017-hit-22bn-world-bank-predicts/

Mynd44, Lalasticlala, Seun

And the looters will step up the looting.


Looting the hell outta a very rich country

A

R

Lemi try 2 undastand dis... Is it dat d money wil b given 2 "NIGERIA"? If yes den dats gud.

Bt last last my kontry wil stil goan borrow and me nd u wont even see, feel or touch d impact dis money wil av on our nation. It has left me wondering...

#GodhelpNigeria
#Save us from lotters and corrupt leaders.

Oh Jesus ... We still dey look for $26billion .....which kind wahala be this?

That's progress. The Buhari team will be looking for ways to use this as campaign material next year.

Good one tho.

Check my signature.

W

If buhari and his very corrupt APC allows na. Buhari keeps acting aloof but he was smart enough to make himself minister and his brothers GMD nnpc.

Thanks to the NSA. Nigerian scammers Association.

Biafrans in the diaspora keep providing the much needed FOREX that props up this contraption. The moment the Foreign remittances dry up, this contraption will be worse than Zimbabwe.

People keep shouting oil without knowing that foreign remittances have in some years been higher that oil earnings like in 2015 where it was about $35bn.

Igbo kwenu.

That being said, SOME [b]MODS need to be banned FOREVER, we only know one person as the owner of this great Forum, and that's [b]SEUN OSEWAall others are there to serve Us [/b][/b]


ONE PARTICULAR Fulani Herdman who is employed as mod here , don't want us breath , I know he's pained by this post but when I will create new account after been banned for this post, I will screen light shot his name..

SEUN OSEWA IS THE OWNER OF NAIRALAND, Others are fellow nairalander ...ban me if you like

Modified.... atleast something is growing back to what it used to be.

Just here to observe

HumanistMike:
That's progress. The Buhari team will be looking for ways to use this as campaign material next year.

Good one tho.

Check my signature.

Yes na
Northern cabals are also in the world bank.
If the news is negative...it would have been joyful for u

Esseite:
Can they please remove crude oil remittance from buyers and tell us the balance in comparison with previous years?

This doesn't include crude oil earnings. Those are not classified as such.

And some jobless people never cease to castigate those working abroad as dead body washers. Now compare this to FG budget as a whole.

Why dis people just dey waste their money anyhow

john4reala:
Oh Jesus ... We still dey look for $26billion .....which kind wahala be this?

Oga 26bn dollars is not missing...it was awarded on contract without due procedures

You won't see those PDP, Igbos and bistros goats here where there's is good news and accountability on Nigeria.

AreaFada2:
And some jobless people never cease to castigate those working abroad as dead body washers. Now compare this to FG budget as a whole.

Loool..and most of people here don't even understand what is written up dia...very funny and unrelated comments

brainpulse:
You won't see those PDP, Igbos and bistros goats here where there's is good news and accountability on Nigeria.

So you mean that remittances increasing is because of APC?

@Op, Nigerians in Diaspora can help finance a huge part of our infrastructures. I believe with the right laws to protect their investments, remittances can be used to finance road constructions (with toll gates ofcourse).

AreaFada2:
And some jobless people never cease to castigate those working abroad as dead body washers. Now compare this to FG budget as a whole.

When people say such you can tell that they are ignorant and jealous. The population of Nigerians abroad in such jobs is minute compared to the population doing respectable and other professional jobs in great places.
There are hundreds of thousands if not millions of Nigerian, Engrs in diff engineering fields, nurses, doctors and other health care professionals, lecturers, researchers, IT experts, transportation, entrepreneurs etc.
These are highly paying jobs and lots of them see opportunity for investments in Nig and they regularly send money home for such and also supporting family and friends.
The some total of these moneys sent home is helping the economy.

When We Have Clueless Leaders
Sh*t Happens.

sunnyb0b0:
Biafrans in the diaspora keep providing the much needed FOREX that props up this contraption. The moment the Foreign remittances dry up, this contraption will be worse than Zimbabwe.

People keep shouting oil without knowing that foreign remittances have in some tears been higher that oil earnings like in 2015 where it was about.

na una type dey buy bad blood for other IGBO people... so all those pocket money wey people dey send na him u go carry go compete with d money wey Dangote dey get from him cement factories across Africa or na him come big pass money wey Adenuga dey make from him glo telecom across west Africa ?
this una "We are better than every other person" mumu lifestyle go buy una genocide one day...

signz:


So you mean that remittances increasing is because of APC?

@Op, Nigerians in Diaspora can help finance a huge part of our infrastructures. I believe with the right laws to protect their investments, remittances can be used to finance road constructions (with toll gates ofcourse).

People are remitting to their families to make up the shortfall of an ineffective government and lack of functioning systems. They are not remitting to the government so they can't decide how the money is used. It is the diaspora that can create something outside of Nigeria to direct their money to specific projects within Nigeria in a way they see fit.

They are not funding the government that's what Nigerian taxpayers should be doing.

northvietnam:
And the looters will step up the looting.


Looting the hell outta a very rich country

This write-up is for money sent by Nigerians living abroad to their relatives. Either to be invested or to be used by the relatives. Nothing to be looted here.

Also, Nigeria is really a poor country. Yes, we have the potential to be a rich country, however many things including corruption have held us back

NtoAkwaIbom:


na una type dey buy bad blood for other IGBO people... so all those pocket money wey people dey send na him u go carry go compete with d money wey Dangote dey get from him cement factories across Africa or na him come big pass money wey Adenuga dey make from him glo telecom across west Africa ?
this una "We are better than every other person" mumu lifestyle go buy una genocide one day...

We are talking about dollar, euros and pound sterling remittances here which is providing stability to Nigeria's economy by stabilising forex rates. The people you mentioned above ie Dangote and Adenuga while they contribute to the economy are net consumers of forex. You call remittances pocket money but it's competing and sometimes beats foreign earnings from oil which is the largest foreign exchange earner for Nigeria. You call it pocket money? An average Igbo man living abroad sends substantial amount if money to invest and purchase properties in Nigeria. At least with the pocket money, they've been able to own 80% of properties in Abuja according to Okoi Obono-Obla on Channels TV 2 weeks ago. El-Rufai said it was 75% during his time as FCT minister.

Face the reality Bro and if you may know, I'm not as an Igbo man seeking anybody's love. Keep hating while we keep growing. Nsibeghe okpok ye barber?

Agwo Annang ade agwo uko.