Fidelity bank banner Bayelsa State banner
Nigerians abroad send $22 billion home

By News Express on 23/04/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 744


Diaspora Nigerians wired $22 billion home in 2017, an African record and the fifth largest remittance by immigrants, according to the World Bank.

Egypt received $20 billion from its citizens abroad, according to figures published by the bank today.

The World Bank said payments from immigrants back to their home countries rebounded to reach a new record in 2017 but the costs of transferring funds also increased.

The stronger-than-expected recovery in remittances — payments that are key to supporting the economies of many poor countries — was driven by growth in Europe, Russia and the United States, the World Bank said in a report.

The bank estimates that officially recorded remittances to low- and middle-income countries reached $466 billion in 2017, an increase of 8.5 percent over $429 billion in 2016. They are expected to increase by about four percent this year.

Remittance inflows improved in all regions. The top remittance recipients were India with $69 billion, followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion),

Nigeria and Egypt followed.

The global average cost of sending $200 was 7.1 percent in the first quarter of 2018, and sub-Saharan Africa remains the most expensive place to send money to, where the average cost is 9.4 percent.

“While remittances are growing, countries, institutions, and development agencies must continue to chip away at high costs of remitting so that families receive more of the money,” said Dilip Ratha, lead author of the report.

The bank calls on countries to take steps to simplify the process to reduce the costs, including “introducing more efficient technology.”

By region, Europe and Central Asia saw the biggest growth last year, jumping 21 percent, while Sub-Saharan Africa rose 11 percent.

East Asia and the Pacific saw the biggest inflows of $130 billion, as South Asia received $117 billion, followed by Latin America with $80 billion. (NAN)

Source News Express

Posted 23/04/2018 1:42:49 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Man bags 7 years jail term over false...

Girl dumps husband on wedding day for failing...

Gunmen kill 3 policemen, kidnap expatriate

Ekweremadu promises credible opposition to APC

Anambra set to enforce ban on street trading...

Smoking costs $1 trillion, soon to kill 8...

US moves to probe ‘large-scale killing of farmers’...

Ronaldo declared 100 per cent fit for Champions...

Lagos, Ogun governors reshuffle cabinet, drop commissioners

Ambode urges FG to disband Federal Task Force...

Amosun assures Ogun workers of better welfare

Cameroon’s opposition maps out strategy to defeat veteran...

 

Latest News PDP National Convention: Party leaders disagree over venue Labour set for nationwide strike over minimum wage Osun Election: Protesters storm INEC Office, as PDP heads to court Court orders APC to conduct fresh election within 30 days Modric ends Ronaldo-Messi Era, wins FIFA Best Player of the Year Award Security operatives swoop ‘on PDP leaders in Osogbo’ Evil son kills father to inherit millions of dollars Troops rescue 73 Boko Haram hostages Bayelsa receives N24.16bn Paris Club refunds, slams Lokpobiri over N800bn debt claim Okowa inaugurated to chair PDP Convention Planning, receives award today in New York FRSC screens 300,000 applicants for 4,000 jobs I have no regrets, says kidnapper after arrest

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (396,989 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (376,997 views) Shameless Genevieve Nnaji exposes breasts in public (308,851 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (250,822 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (232,517 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,761 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (200,278 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (181,799 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (165,933 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (163,496 views) Lagos plane crash: Journalist releases victims’ names (158,307 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (147,006 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (63) Business & Economy (3,627) Business Verdict (52) Columnists (933) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (547) Features (653) Global Business Monitor (301) International (2,432) Interview (165) Live Commentary (28) Love Matters (144) News (39,118) Opinion (1,111) Pidgin (11) Politics (6,740) Religion (873) Sports (1,706) Stock Watch (34) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Anthony Joshua vs Alexander Povetkin: Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement