Nigeria to receive $22 billion in foreign remittances in 2017 – World Bank

The World Bank
The World Bank

Nigeria is expected to receive $22 billion via foreign remittances, the latest edition of the World Bank’s Migration and Development Brief has shown.

This was revealed on Tuesday through a statement on the bank’s website.

Remittances to low and middle-income countries are on course to recovery in 2017 after two consecutive years of decline, the bank has said.

According to the statement, “the Bank estimates that officially recorded remittances to developing countries are expected to grow by 4.8 per cent to $450 billion for 2017. Global remittances, which include flows to high-income countries, are projected to grow by 3.9 per cent to $596 billion.

“Among major remittance recipients, India retains its top spot, with remittances expected to total $65 billion this year, followed by China – $63 billion, the Philippines – $33 billion, Mexico – a record $31 billion, and Nigeria – $22 billion.”

The bank projected remittances to Sub-Saharan countries to grow by 10 per cent in 2017.

“Buoyed by improved economic activity in high-income OECD countries, remittances to Sub-Saharan Africa are projected to grow by a robust 10 per cent to $38 billion this year.

“The region’s major remittance receiving countries, Nigeria, Senegal and Ghana, are all set for growth. The region is also host to a number of countries where remittances account for a significant share of GDP, including Liberia (26 per cent), Comoros (21 per cent), and the Gambia (20 per cent). Remittances will grow by a moderate 3.8 per cent to $39 billion in 2018.

“In keeping with an improving global economy, remittances to low- and middle-income countries are expected to grow modestly by 3.5 per cent in 2018, to $466 billion. Global remittances will grow by 3.4 per cent to $616 billion in 2018,” the statement said.

It further showed that the global average cost of sending cash at $200 remained stagnant at 7.2 per cent in the third quarter of 2017

“This was significantly higher than the Sustainable Development Goal, SDG target of 3 per cent. Sub-Saharan Africa, with an average cost of 9.1 per cent, remains the highest-cost region,” the brief showed.

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