The Nigerian population in the Diaspora remitted $60.22bn in the three years to boost economic activities and the nation’s external reserves.

This is according to data from the World Bank and Budget Office of the Federation.

The World Bank revealed that Diaspora remittances into Nigeria were estimated at $23.81bn in 2019. In its 2023 – 2025 Medium Term Expenditure Framework and Fiscal Strategy Paper, the Ministry of Finance, Budget and National Planning, disclosed that Diaspora remittances were $17.21bn in 2020 and $19.2bn in 2021.

Prior to 2020, Nigeria’s remittance inflows had only fallen below $20bn once, when it fell to $19.7bn in 2016.

According to the budget office, Diaspora remittances were among top sources of non-oil foreign exchange for the nation. It explained that a string of policies from the Central Bank of Nigeria was responsible for increased inflows of Diaspora remittances into the nation in 2021.

It stated that the nation was banking on improved Diaspora remittances in 2022 to reverse the decline in its foreign reserves and strengthen its current account balance. 

Credit/ Punch 

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