The World Bank said that $17.6 billion (N7.2 trillion) in diaspora remittance inflow would enter Nigeria in 2021, which would also push inflows to Sub-Saharan Africa to $45 billion (N18.5 trillion).
It also said that Nigeria dominated “remittance inflows into Sub-Saharan Africa” due to the sizeable Nigerian migrant base, which is estimated to be around 800,000 in number. The migrants are mainly concentrated in two host countries, namely the US (375,000 persons) and the UK (220,000 persons).
“Remittance inflows to Sub-Saharan Africa returned to growth in 2021, increasing by 6.2 percent to $45 billion,” the World Bank said in a report. “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 per cent), Lesotho (23.5 per cent), Cabo Verde (15.6 per cent) and Comoros (12.3 per cent). In 2022, remittance inflows are projected to grow by 5.5 per cent due to continued economic recovery in Europe and the United States.
“Costs averaged 8 per cent in the first quarter of 2021, down from 8.9 per cent a year ago. Although intra-regional migration makes up more than 70 per cent of cross-border migration, costs are high due to small quantities of formal flows and utilization of black-market exchange rates.”
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