Remittances from Nigerian Diasporas hits US$24 billion in 2018

Remittances from diasporas of Africa’s most populated country – Nigeria in 2018 reached US$24.3 billion. This is the highest figure across Sub-Saharan Africa and it is also US$2 billion higher than the inflows in 2017.

World Bank’s latest Migration and Development Brief shows that; last year (2018) immigrants sent US$46 billion to their home countries in sub-Saharan Africa. This is in fact a 10 percent increase when comparing to figures for 2017. World Bank says the growth in remittance is due to strong economic conditions in high-income economies.

Remittances significantly made contributions to the 2018 Gross Domestic Product (GDP) of many nations in the sub-Saharan region. Viewing remittances as a share of the GDP, Comoros had the largest share, followed by the Gambia, Lesotho, Cape Verde, Liberia, Zimbabwe, Senegal, Togo, Ghana, and lastly Nigeria.

For Middle East and North Africa remittance grew by 9 percent amounting to US$62 billion. This figure largely driven by Egypt’s rapid remittance growth of around 17 percent.

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