he World Bank says Nigeria will record an inflow of $22 billion from foreign remittances in 2017 – an increase from $19 billion recorded in 2016.
According to the Migration and Development Brief released by the bank on Tuesday, global remittance flow will recover in 2017 after two consecutive years of decline.
Highlights:
- A statement on the bank’s website read, “Officially recorded remittances to developing countries are expected to grow by 4.8% to $450 billion for 2017. Global remittances, which include flows to high-income countries, are projected to grow by 3.9% to $596 billion.”
- “Among major remittance recipients, India retains its top spot, with remittances expected to total $65 billion this year, followed by China ($61 billion), the Philippines ($33 billion), Mexico (a record $31 billion), and Nigeria ($22 billion).
- “Buoyed by improved economic activity in high-income OECD countries, remittances to Sub-Saharan Africa are projected to grow by a robust 10 percent 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%), Comoros (21%), and the Gambia (20%). Remittances will grow by a moderate 3.8% to $39 billion in 2018.”
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