As unemployment is high in Nigeria, many Nigerians are traveling outside the country to get job and take care of their families back home.

Nigerians Abroad Send $20 Billion Home, Highest Remittance in sub-Saharan Africa

Total remittances in sub-Saharan Africa in 2022 totalled $52.9 billion
Nigeria had the highest remittance in the region during the period
World Bank stated that the sub-Saharan region witnessed a high cost of remittance.

A recent World Bank study found that out of the estimated $52.9 billion remittance flow into Sub-Saharan Africa in 2022, Nigeria accounted for the largest.

Nigeria accounts for 38% of total remittances at $20.1 billion, greater than Ghana's 11.9%, Kenya's 8.5%, Tanzania's 25%, Uganda's 17.3%, and Rwanda's 21.2% rates.

This is according to a World Bank report titled, “Remittances Remain Resilient But Are Slowing”

A remittance is money sent from a foreign country back to the sender's own.

According to the report, the rise in remittances to the region helped several struggling African nations. Some of the issues the suffered included; food insecurity, supply chain problems, a severe drought (the Horn of Africa drought), floods (in Nigeria, Chad, Niger, Burkina Faso, Mali, and Cameroon), and debt servicing issues keep their current accounts healthy.

Remittances to low- and middle-income countries (LMICs) totalled $647 billion. Meanwhile, this amount was predicted to only increase slowly, by 1.4%, to $656 billion in 2023.

Globally, the total amount of remittances is expected to reach $840 billion in 2023 and rise by another $18 billion in 2024.

The World Bank stated that compared to foreign direct investment (FDI), official development assistance (ODA), and portfolio investment flows, remittances have continued to represent an even larger source of external finance for LMICs over the past year.

It further stated that excluding China from the sample makes the significance of remittances as a top source of foreign financing for LMICs more clear.

The report noted that remittances have become several countries' most important foreign exchange earners.

It added:

“For example, for Kenya, remittances are larger than the country’s key exports, including tourism, tea, coffee, and horticulture. Those countries more dependent on receipts as a proportion to GDP include the Gambia, Lesotho, Comoros, and Cabo Verde.”
According to the World Bank, Sub-Saharan Africa has the highest remittance expenses, demonstrating the high cost of remittance on the continent.

It noted:

“Senders had to pay an average of 8.0 percent to send $200 to African countries during 2022Q4, compared with 7.8 percent in 2021Q4. Costs vary substantially across the region, ranging from 2.1–4.0 percent in the lowest cost corridors to 17–35 percent in the highest.”

“For example, sending $200 in remittances from Tanzania to neighboring Uganda would have cost a migrant 35.5 percent in 2022Q4. Banks charge the highest costs, thus emphasizing the importance of cross-border mobile money transactions. In Kenya, Rwanda, Tanzania, and Uganda, such transactions are constrained by limited interoperability among telecom operators and money transfer operators.”

According to projections, remittance growth into Africa is expected to decline to 1.3% in 2023 from 6.1% in 2022.

The World Bank said that risks to the outlook include capital outflows, measures to control foreign exchange, and sanctions,

According to the report, Nigerians abroad have repatriated about $168 billion to Nigeria in the last eight years.

The Association of Bureau De Change Operators of Nigeria, ABCON, assured that the Nigerian economy will start to capture the diaspora remittances after full integration into the I&E window.

“1 Naira to 1 eNaira”: CBN Tells Nigerians Abroad to Send Money Home Using Its Digital Currency

The Central Bank of Nigeria (CBN) has asked Nigerians abroad to consider eNaira as a payment option for diaspora remittances, Legit.ng reported

The suggestion is in the bank's circular titled, "Operational Framework for eNaira Payment Option to Recipients of Diaspora Remittances," dated June 15, 2023.

In the circular, addressed to the International Money Transfer Operators (IMTOs) and the public and signed by CBN's director of Trade and Exchange Department, Ozoemena Nnaji, the apex bank noted that the move was in furtherance of efforts to liberalize the payout of diaspora remittances.

https://www.legit.ng/business-economy/money/1555407-nigerian-sends-20-billion-home-highest-remittance-sub-saharan-africa/

Of course! I personally know the millions I send.

Also, always stay updated of Naira movements.
Visit: www.nairaland.com/7744240/naira-devaluation-today-thread

This will be a major source of forex to Nigeria and other African countries. If we don't have anything to export,let's export our professionals. They will always come back and invest

Money dey where e dey abeg eeee.

Sound Sultan, "no matter wetin u do no forget Area oooo", Lemfi cashing out seriously maybe more than Cbn. My people dey try, every week, na so them they send money and goods back home, God bless you guys.

WHERE are you?

Preeqahantas:
I no receive one naira inside

Uganda on my bucket list. Nice country too.

This figure has been overbloated because of the current exchange rate of world currencies to the naira.

Case in point is the USD to naira conversion which is tending towards N1,000.

This means that if Nigerians in diaspora send USD 1Million for just September, they'd have sent around NGN 1Billion in total, when converted.

Wahala for those of us who have no one who could send us money from abroad . May God grant our heart desires.

Shishi I no receive.

My 2 Uncle's wey dey USA no dey send shishi.

For over 20 years and 30 years wey dem 2 dey there, they never send me anything.

Na only their brother for Naija dem dey send give to.

Now one of the Uncle wey dey the USA fall sick in January this year.

The second brother wey dey with am for the USA come bring am back to Nigeria say him condition dey worsen everyday. Doctors don tire. Nursing home no good for am.

Since January, na me dey take care of am since him land. I don turn Caregiver overnight.

I use the Natural Medicine and Herbal Therapies I dey sell treat am.

Baba don dey recover small small.

As I dey type am, e dey with me now for parlour dey watch African Magic Epic.

E dey laugh to the movie e dey watch.

E just dey vex me. Stingy man.

The other brother for Niaja wey both of dem dey send money give, don run face him family. Since January, Baba never bring money for drugs or food or anything. Na only 3 times e don even com to see this him brother wey sick since January.

Wickedness and Stinginess is in their blood.

If I was like them, I won't have taken care of this their brother till now because some humanbeings only care about themselves and this is so common when people travel out of Nigeria.

They forget they have a family back home.

They only remember you when things goes bad for them over there. Then they remember you.

May God continue to strengthen me and bless me through other means.


Moral lesson

if you are good, just be good. One-day, God will bless your efforts because I know he would bless me one-day too.

Don't ever look at people abroad to send you shishi becos a majority like my Uncle's only think about themselves alone and nobody else.

Preeqahantas:
I no receive one naira inside

Why didn't you get yours..?
Okay send me your account details
Which state do you hail from, at least make I know if you be my sister since na siblings wire transfer?

As a matter of fact, these remittances are the saving grace of Nigerians and Nigeria economy. Know this and know peace.
Our Diasporans, una do well oo

Virgin market.

Solsix:
This will be a major source of forex to Nigeria and other African countries. If we don't have anything to export,let's export our professionals. They will always come back and invest

Doesn’t equate to forex. People use different exchange platform to send money to their local accounts back home. We maintain our foreign account. Sell what we need to use back home and wire directly into Nigerian account and dispense using bank apps, internet banking etc

Monaboo:
Shishi I no receive

Which state do you hail from, since na siblings transfer let's see if you'll be considered?

And some people dey angry say Nigerians dey japa, make I dey Nigeria dey do wetin? If you wan stay, stay.

IS HERE, working very hard, via Blogging Business, so that, he will see food to chop, because no food for lazy man in Nigeria.

Preeqahantas:
I no receive one naira inside

the monies were sent to human beings, not you

PraiseAz123:
Nice one.......

Grab this sweet ride now!
2005 Jeep Liberty Limited Edition 4×4
3.7 litre V6 Engine
First Body
Chilling AC
Very Neat Interior
Nothing to Fix
Buy and drive
GOING FOR 1.5M
PRICE IS SLIGHTLY NEGOTIABLE
Call or WhatsApp
0 9 0 1 7 7 0 9 9 5 4

Chai, so person go still buy this nearly 20 years old car, come do thanksgiving for Naija?

How do they calculate this thing sef, do they track bank statements?

You have to belong to receive your own share

Preeqahantas:
I no receive one naira inside

enemyofprogress:
Ajepako, folake4u, funkybabee, Sweetplum, odefagirl, Dpen11 and Mynd44 follow chop from the money

Go and sleep

IGBO AMAKA 😜