Fidelity bank banner Camano 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: 859


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...
Let’s act now! Nigerian youths in the Diaspora...

NBTE boss predicts more job losses

Witches say Oshiomhole to be impeached, Tinubu betrayed,...

HAPPENING NOW: Trailer pursuing armed robbers rams into...

Osun Guber Re-run Poll an embarrassment to Nigeria’s...

Air Force Jet kills 15 terrorists, destroys vehicles...

Akwa Ibom: Obasanjo campaigns for Emmanuel from pulpit...

RIGHTSView: NIGERIANS DRINK POISON AS ‘SOFT’ DRINKS (Coca-Cola’s...

Governor vs Olubadan: Oyo elders wade in, broker...

Zimbabwe: Mugabe sacks ‘disloyal’ Vice-President

Nigeria zoom into World Cup second round

Senate asks Army, Police to dismantle roadblocks on...

 

Latest News Under Buhari, corruption has become official: Atiku Emerging Hydrogen Energy World — Implications for crude oil exporting countries, By Prof. Chijioke Nwaozuzu We’ll sustain Lagos State Employment Trust Fund if elected into office — Lagos APC deputy guber candidate Femi Hamzat Davido sliding into politics, names Wike Godfather Economy: Buhari should admit he doesn’t have answers — Ezekwesili Anambra APGA crisis deepens as aggrieved aspirants demand refunds Alleged N4.75bn, $5m fraud: Ex-Skye Bank’s Chair, MD arraigned Eni, Shell knew of graft surrounding Nigeria deal: Judge UEFA releases draws for Champions League Round of 16 BREAKING: National Assemby staff begin strike, block entrance Pressure mounts on CJN to probe ‘corrupt’ governors Access Bank set to acquire Diamond Bank

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (430,994 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (395,495 views) Shameless Genevieve Nnaji exposes breasts in public (328,362 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (282,663 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (248,378 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (229,507 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (212,502 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (193,701 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (180,195 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (170,768 views) Lagos plane crash: Journalist releases victims’ names (167,557 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (153,981 views)

 

CBN banner Zenith Zero Balance First Bank chat banking

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (76) Business & Economy (3,886) Business Verdict (54) Columnists (974) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (575) Features (681) Global Business Monitor (313) International (2,838) Interview (167) Live Commentary (28) Love Matters (147) Maggie's Blog (74) News (41,517) Opinion (1,153) Pidgin (13) Politics (8,211) Religion (920) Sports (1,827) Stock Watch (35) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera