Nigerian migrant workers sent back home $18.956bn as remittances, a figure which indicated a 5.2 percent growth in nine years, a UN agency’s report showed on Wednesday.

According to the report, titled Sending Money Home: Contributing to the SDGs, One Family at a Time and published on Wednesday, global migrant workers sent back to their home countries $445bn in 2016, lifting millions out of poverty.

The United Nations International Fund for Agricultural Development said currently about 200 million migrants, by sending money home, have supported some 800 million family members globally.

Women now comprise about half of all remittance senders, and it is believed that this trend can help advance gender equality and women’s empowerment through financial independence and better employment opportunities.

The report, by the UN International Fund for Agricultural Development, said that remittance flows have grown over the last decade at an average rate of 4.2 percent annually, from $296bn in 2007 to $445bn in 2016.

The top 10 sending countries account for almost half of annual flows, led by the U.S., Saudi Arabia and Russia.

Up to 80 percent of remittances are received by 23 countries, led by China, India, the Philippines, Mexico and Pakistan.

As to the remittance transfer method, cash-to-cash remains the most common form, while mobile phone networks, internet-based tools and digital money in various forms present a potentially transformative force for sending and receiving money.

The report also pointed out that the most important objective going forward should be to leverage the potential development impact on the receiving side by providing remittance-receiving families better opportunities to use their money productively.

http://investorsking.com/dispora-nigerians-remit-18-97bn-in-2016-un-report/

Reduced or increased ?

Hmmmmm

Nicee

Ok

My Igbo brothers and sisters ndewonu

How this one take affect our Economy Na ...... One paint of garrison is still 1000

Is Buhari's money among

Since he don turn diasporan

Data!

Igbo Kwenu

paulchineduN:
My Igbo brothers and sisters ndewonu

most of it must have gone into real estate, that's the only sector diasporans who intend to come back think of.
& maybe health sector too. mama in d village needs medicare.

but compared to wat Nigerians pay fr importation, education, health care & other foreign luxuries we are still at a loss o..

Nice figure

courtesy of my Igbo brothers worldwide

I hope Buhari money is included

While it does help our local economy, it is also a reflection of our brain drain problem. We need more encouragement/opportunities of internal distributed wealth creation.

Where does all this money Go?

And we are still in recession.
Make dem kuku dey share any recovered money in cash to everybody so that everybody go know wetin him use him own do.
Since we no dey know wetin our government dey use all the recovered money do

I can bet with my ynash that 90% of this diaspora are from the southern Nigeria and also 60% are the yahoo boys and drug lords the police intimidate everyday on the street. the CBN and banks are flexing with this foreign remittance. while Nigerians can only get forex from aboki or the street to carry out import.

And yet they still want to borrow (even much less than this amount) from the global community

Nigerians abroad be saving the asses of those at home since 12BC

Nice one I'll say.

Ah, una wey dey abroad make small of the money touch me small, I am not greedy.

This is what is still keeping this country afloat.

Foreign remittance sustaining several families because incomes have shrunk, salaries are delayed/ unpaid etc in Nigeria. Products of a failed government which can't create a sustainable environment for those within the country to easily generate their income.

no

yet this blame game evil govt couldn't play its own part by providing social amenities, infrastructural developments ,conducive environment for small business to thrive etc despite the huge income they must have derived from tax on these monies. so shameful

meanwhile some sleeping on the bike mofos will come here to tell me change begins with me ,trash

And yet some akin danini and ako ode on here will lash out from under their mosquito nets on here and call us "corper" washers and burger flippers

Oh yeah and one disgruntled nonsense boy that always like to mention his fathers userid in business section as a currency speculator.

#ReadAndWeap

Where are the money?

And the banks will pay us in Naira instead of the hard currency remitted

jeff1993:
How this one take affect our Economy Na ...... One paint of garrison is still 1000

Am dumbfounded bro.... What impact did this huge sum reflect on Nigeria's comatose economy. How on earth would a country continue to waste resources thoughtessly and yet expect some sort of fairy economic growth? Utter hallucination!.... No no no...Nigeria! The god of economic engineering doesn't live in the world of Harry Portal.