Nigeria tops African countries remittances inflow: World Bank

(EBC; November 07,2018)  - The Central Bank of Nigeria governor, Godwin Emefiele, has said Nigeria tops other African countries in remittances of inflows and is among the top five globally.


According to the World Bank, global remittances have risen gradually over the years to about $613 billion in 2017, of which African countries received $72 billion.


The top 5 remittances receiving countries are India (USD 65 billion), China (USD 61 billion), Philippines (USD 33 billion), Mexico (USD 31 billion), and Nigeria (USD 22 billion). According to World Bank report, Ethiopia received (USD 806 million) in the 2017.


Quoting a World Bank report on remittances in 2017, Emefiele, said that Nigerians and other Africans in the Diaspora sent $72 billion home last year.


Member states of African Union (AU) are currently holding a workshop on foreign currency Remittances Household Surveys in Abuja to seek ways to enhance foreign currencies’ remittance inflow data in the continent.


Emefiele said Nigeria had taken measures aimed at attracting inflows to the country, which contribute to its economic development.


The measures, he said, include the floating of a $300 million Diaspora bond by the government and the introduction of electronic Certificate of Capital Importation to Nigerians in Diaspora, in addition to Nigeria becoming a member of the International Association of Money Transfer Networks.