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Money Sent By Nigerians Abroad ........ - Politics - Nairaland

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Money Sent By Nigerians Abroad ........ by byrron(m): 1:46am On Oct 01, 2019
Money sent by Nigerians abroad surpasses oil and gas exports revenue in 2018.
shocked shocked shocked

Since Nigeria's discovery of crude oil in 1956 at Oloibiri in the Niger Delta, the oil and gas sector has been crucial to the country's economy; it provides about 90% of the country's export revenues.

However, in recent times, a certain Nigerian demographic is proving to be more important than the oil and gas sector: Nigerians in the diaspora.

According to Joy Kaka in a piece titled Nigeria at 59: Celebrating Diasporas’ Involvement in National Development, "the huge economic importance of the Nigerian diaspora is illustrated by the significant size of its remittances to the country."

In 2018 according to the Central Bank of Nigeria (CBN), the money sent by Nigerians abroad totalled US$24.3 billion while the country’s oil and gas exports amounted to US$15 billion, noted Kaka in the piece published by the News Agency of Nigeria (NAN).

The apex bank noted that 2018 was the third straight year that money sent by Nigerians living outside their homeland would surpass the country’s chief export revenue.
shocked shocked shocked

Also, the Secretary to Government of the Federation (SGF), Boss Mustapha, said in July that the $25 billion remitted by Nigerians abroad represented more than 83% of the federal government's budget and 6.1% of the gross domestic product. shocked shocked shocked shocked

According to the World Bank’s Migration and Remittances report, remittances to Nigeria reached $22 billion in 2017, a 10% increase on the $19.64 billion sent in 2016. shocked shocked shocked

The remittances were also worth 5.6%of the GDP in 2017, exceeding the $20 billion generated from oil revenues. shocked shocked shocked

The SGF further said that the monies remitted were used as social security funds such as school fees, feeding allowances, and hospital bills for families.

The implication of the foregoing is that remittances from Nigerians in the diaspora are now the biggest source of foreign exchange receipt of Africa’s biggest economy and crude oil producer.
cry cry cry cry cry cry cry

Apart from the remittances, the contribution of Nigerians in the diaspora to Nigeria's development also takes the forms of skills transfer and facilitation of direct foreign investment, among others.
[Money sent by Nigerians abroad surpasses oil and gas exports revenue in 2018 - Report]

http://va.topbuzz.com/al/bcUZxk
Re: Money Sent By Nigerians Abroad ........ by saheedbadmus(m): 1:52am On Oct 01, 2019
God have mercy on Nigeria
Re: Money Sent By Nigerians Abroad ........ by byrron(m): 1:56am On Oct 01, 2019
If the money sent back to Nigeria by it's citizens in diaspora is greater than the revenue generated through the export of oil and gas then It is safe to say that Nigerians in diaspora are now the primary economic driver's of Nigeria's economy.

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Re: Money Sent By Nigerians Abroad ........ by Aryastarks(f): 2:02am On Oct 01, 2019
that's too bad

1 Like

Re: Money Sent By Nigerians Abroad ........ by byrron(m): 2:56am On Oct 01, 2019
The implication of the foregoing is that remittances from Nigerians in the diaspora are now the biggest source of foreign exchange receipt of Africa’s biggest economy and crude oil producer.

The extract above is ridiculously shameful for a country that prides itself as the giant of Africa
Re: Money Sent By Nigerians Abroad ........ by NigeriaIsDoomed(m): 3:02am On Oct 01, 2019
The criminals ruling Nigeria have stolen most of the oil and gas money. What the criminals have stolen is more than what they claim is realised from the proceeds of oil.
Zoo country is cursed and will never work.
Abeg divide the country make Niger Delta go their separate ways. Wetin an Akwa Ibom man share in common with aboki!
Why should money from the Niger Delta be shared to the whole country?
Re: Money Sent By Nigerians Abroad ........ by justtoodark: 3:08am On Oct 01, 2019
people just dont listen....

it was money from abroad for decades.....

we said it over and over again but people keep on forgeting....

its not oyel....!!
Re: Money Sent By Nigerians Abroad ........ by juman(m): 4:04am On Oct 01, 2019
You see.
Money from abroad is always lifeline for many families.

One nigeria is not a sensible country.
Re: Money Sent By Nigerians Abroad ........ by juman(m): 4:05am On Oct 01, 2019
APC government is performing very poorly.
Re: Money Sent By Nigerians Abroad ........ by edo3(m): 4:12am On Oct 01, 2019
Na wa oo
Re: Money Sent By Nigerians Abroad ........ by YungMillionaire: 4:36am On Oct 01, 2019
juman:
APC government is performing very poorly.

Yes o! When PDP government was there 1 dollar was equal to 1 naira.

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