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World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria - Business - Nairaland

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World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by Traplord09: 5:47am On Nov 19, 2021
The World Bank has projected $17.6 billion Diaspora remittances into Nigeria in 2021, representing 2.5 per cent increase from $17.2 billion recorded in 2020.

The Bank gave this projection in a report titled, “Migration and Development Brief 35”, attributing the moderate increase in Nigeria’s Diaspora remittances to increasing influence of policies intended to channel inflows through the banking system.


Among other things the report projected 7.3 per cent increase in remittances to low and middle income countries in 2021. The World Bank also projected a 6.2 increase in remittances to Sub-Saharan countries in 2021. The World Bank stated: “Remittances to low- and middle-income countries are projected to have grown a strong 7.3 percent to reach $589 billion in 2021.



“This return to growth is more robust than earlier estimates and follows the resilience of flows in 2020 when remittances declined by only 1.7 percent despite a severe global recession due to COVID-19, according to estimates from the World Bank’s Migration and Development Brief released today.

“Remittance inflows to Sub-Saharan Africa returned to growth in 2021, increasing by 6.2 percent to $45 billion. Nigeria, the region’s largest recipient, is experiencing a moderate rebound in remittance flows, in part due to the increasing influence of policies intended to channel inflows through the banking system.



“Countries where the value of remittance inflows as a share of GDP is significant include the Gambia (33.8 percent), Lesotho (23.5 percent), Cabo Verde (15.6 percent) and Comoros (12.3 percent). In 2022, remittance inflows are projected to grow by 5.5 percent due to continued economic recovery in Europe and the United States.

“Costs averaged 8 percent in the first quarter of 2021, down from 8.9 percent a year ago. Although intra-regional migration makes up more than 70 percent of cross-border migration, costs are high due to small quantities of formal flows and utilization of black-market exchange rates.”
https://www-vanguardngr-com.cdn.ampproject.org/wp/s/www.vanguardngr.com/2021/11/world-bank-projects-17-6bn-diaspora-remittance-to-nigeria-2/amp/?usqp=mq331AQKKAFQArABIIACAw%3D%3D

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Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by korm2me(m): 5:58am On Nov 19, 2021
Great

1 Like

Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by Sacchi1162(m): 5:58am On Nov 19, 2021
Big Grammar

3 Likes

Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by Ekakamba: 5:58am On Nov 19, 2021
That's Seven Trillion, Two Hundred and Twenty-Seven Billion, Six Hundred Million Naira only (NGN 7,227,600,000,000) @. Omo, abi I make mistake?

Enough to finance more than 80% of next year's budget.

Chai! The actual remittance may be higher sef, but definitely not significantly lower to the projected amount.

undecided

13 Likes 3 Shares

Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by MadamVanessa(f): 5:58am On Nov 19, 2021
.
Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by Lincoln275(m): 5:59am On Nov 19, 2021
$$$$$
Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by anungangampu: 6:00am On Nov 19, 2021
Only southern Nigeria are responsible for this at least 99%

37 Likes 1 Share

Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by Aboguede(m): 6:03am On Nov 19, 2021
It is called investment.

The only difference is that Nigeria export human capital that it has in quantity with about 60% low discipline on the rules of laws.

Righty said by somebody here that southern Nigeria is responsible for this foreign remittances and that is why the south is in charge of the Nigeria economy in all angles.


If not for the igbos northern Nigeria and most African countries would be more like old scanty villages grin

23 Likes 1 Share

Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by RealAdewole(m): 6:05am On Nov 19, 2021
Money that supposed to have been turning nigeria around had it been that most of that money are for investment, but no the abroad people can not be watching their people die of hunger and starvation.

7 Likes

Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by LOVEGINO(m): 6:06am On Nov 19, 2021
Omooooo! See cashout for oga at d top next year.
Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by Blakpot: 6:14am On Nov 19, 2021
Better for the economy

1 Like

Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by BigDawsNet: 6:14am On Nov 19, 2021
cool
Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by GentleRay: 6:23am On Nov 19, 2021
Foolish thought.
Aboguede:
It is called investment.

The only difference is that Nigeria export human capital that it has in quantity with about 60% low discipline on the rules of laws.

Righty said by somebody here that southern Nigeria is responsible for this foreign remittances and that is why the south is in charge of the Nigeria economy in all angles.


If not for the igbos northern Nigeria and most African countries would be more like old scanty villages grin

6 Likes

Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by dettolgel: 6:26am On Nov 19, 2021
Remittance from abroad saving Nigerians since 1990.

Instead of begging foreign countries for money FG should find a way to tap into the vast wealth of Nigerians living abroad.

In spite of the mess FG have made of the country, Nigerians abroad still love this country and will be willing to invest aggressively if FG is sincere enough with development plan and produce a conducive and just system for doing business.

7 Likes

Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by Focusmind: 6:29am On Nov 19, 2021
This remittance is what is sustaining Nigeria's economy. If this remittance dries up, naira will crash and the economy will feel the impact. We haven't seen any major Foreign Direct Investment in this present regime.

23 Likes

Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by Boogyman557: 6:33am On Nov 19, 2021
Holly Gram cool WTF MAN
Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by iampeterben(m): 6:34am On Nov 19, 2021
Of what value is the remittance, when our economy is still in shambles. Will the remittance to World Bank Group reduce the sales of bread from N350 to N200 as it used to be, or will it reduce the sales of LNPG from N800 to N300 as it used to be.

We are suffering in our land, who will save Nigeria? Cos 2023 still far!!!

2 Likes

Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by AlhajiNatty(m): 6:36am On Nov 19, 2021
If only we had a government that's up and running!

4 Likes

Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by GloShare(m): 6:39am On Nov 19, 2021
Without these monies, some families would have starved to death.

If you now add the ones sent through btc, it will be double the amount.

8 Likes 1 Share

Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by Chummynoni(m): 6:44am On Nov 19, 2021
If not for bad leaders, Nigeria would have been one of the best country in the world. Na wa oo.
Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by Dikegodspower(m): 6:47am On Nov 19, 2021
Igbos in diaspora made it happen
This should send a message to the north that the south can survive anytime any day

5 Likes

Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by eas01: 6:53am On Nov 19, 2021
Traplord09:
https://www-vanguardngr-com.cdn.ampproject.org/wp/s/www.vanguardngr.com/2021/11/world-bank-projects-17-6bn-diaspora-remittance-to-nigeria-2/amp/?usqp=mq331AQKKAFQArABIIACAw%3D%3D
I can bet you that the remittances will be from Southerners to a far larger extent and middle beltans to a lesser extent. The Arewa North will be an almost no show.
Seriously the Arewa North are leeches.
Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by CyberHustle: 6:54am On Nov 19, 2021
Remittance by individuals forms a substantial part of this and that's good news.
Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by Blacksavage: 7:03am On Nov 19, 2021
Them go still thief am!

1 Like

Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by deleo16(m): 7:05am On Nov 19, 2021
GloShare:
Without these monies, some families would have starved to death.

If you now add the ones sent through btc, it will be double the amount.
well said alot of families
Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by yahmohy27: 7:06am On Nov 19, 2021
anungangampu:
Only southern Nigeria are responsible for this at least 99%
Ethnic bigotry continue to hope you wud not die on top of that.shiorr
Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by SmartPolician: 7:08am On Nov 19, 2021
Those Nigerians abroad and remitting money home are really helping the people and government of Nigeria. It's funny to see that the same government is blocking some of the cross-border payment companies that facilitate these foreign transactions.

4 Likes

Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by Faiththatworks(m): 7:20am On Nov 19, 2021
Good to be back,been a while I commented.
Back to the topic,this disapora remittance is very very huge,infact it's bigger than the combined budget of 32 states in Nigeria probably excluding Lagos,Rivers and Delta and Kaduna.
I believe the Nigerian government should really be looking at easing diaspora payments.
Mr Godwin Emefiele did a fantastic job by registering some fintech companies to handle remittance payment into Nigeria sometime last year,but I believe it's a market that can still be enlarged.
I believe fintechs like paystack,Patricia and all those other upcoming fintechs should be allowed to handle direct payment from bank or payment cards directly to Nigerian bank accounts.
Any fintech company from abroad that wishes to come into this market must as a matter of compulsion be made to open a local office in Nigeria and employ Nigerian staffs.
This market can't be ignored anymore,it's a gold mine that needs to be tapped for the quick development of Nigeria.
Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by InoGetJoy: 7:24am On Nov 19, 2021
These foreign remittances are what's supporting many families after Buhari has turned this plans to hell

3 Likes

Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by tola1006: 7:29am On Nov 19, 2021
This is a segment of the economy that our government should be looking at....the figures have always been huge year ion year.....it behives on government to make policies that will enhance this remmittances.

Make it easier for Nigerians to travel
Protect your citizens abroad
Boost the image of the country
Make remittances I easy to access in the country

4 Likes 1 Share

Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by Onyiiobi7735(m): 7:32am On Nov 19, 2021
Chummynoni:
If not for bad leaders, Nigeria would have been one of the best country in the world. Na wa oo.
Very true. But Nigeria shall rise again.
Re: World Bank Projects $17.6 Billion Diaspora Remittance To Nigeria by Onyiiobi7735(m): 7:34am On Nov 19, 2021
Dikegodspower:
Igbos in diaspora made it happen
This should send a message to the north that the south can survive anytime any day
Yes oo.
And they can't survive without oil money from South and the sea ports there.

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