It is estimated that Nigeria’s Diaspora community remitted $60.22 billion in the three years to enhance economic activity and the country’s external reserves.
Remittances from Diaspora families to Nigeria are expected to total $23.81 billion in 2019. The Ministry of Finance, Budget and National Planning revealed that Diaspora remittances were $17.21 billion in 2020 and $19.2 billion in 2021 in its Medium Term Expenditure Framework and Fiscal Strategy Paper for the years 2023 – 2025.
When Nigeria’s remittances went below $20 billion for the first time in 2016, it was to $19.7 billion.
Diaspora remittances were among the main sources of non-oil foreign cash for the country, according to the budget office. In 2021, a rise in remittances from Nigerians living abroad was attributed to a series of policies adopted by the Central Bank of Nigeria.
Improving Diaspora remittances in 2022 would help reverse the fall in foreign reserves and boost its current account balance, according to the report. The CBN is intervening in the official market to try to stabilize the exchange rate, according to the office, which explains why the country’s foreign reserves are continuously declining. The country’s failure to achieve its oil output quota was another factor, according to the office.
As a result, it stated, the country’s external reserves will have to expand in order to improve. There were $38.66bn in the country’s external reserves as of June 16.
As the cost of living rises, more migrants are expected to send more money back to support their family, which is why the World Bank expects Nigeria’s Diaspora remittance inflow to climb by 7.1 per cent in 2022,” according to a press release.
In order to reverse the drop in foreign reserves and strengthen the current account balance, which has been in a net deficit since the first quarter of 2019, this is likely to be implemented.”
Rationing is defined by the International Monetary Fund as household income from foreign economies mostly generated by people moving there for short or long periods of time.
In addition to cash and non-monetary products, remittances include money and things transported across borders via formal and informal routes, such as electronic wires.
Additional benefits included helping recipients satisfy basic necessities, investing in their future and starting new businesses as well as servicing debt. Remittances were also cited as a driving force behind economic growth.
It is estimated that Nigeria’s Diaspora community remitted $60.22 billion in the three years to enhance economic activity and the country’s external reserves.
Remittances from Diaspora families to Nigeria are expected to total $23.81 billion in 2019. The Ministry of Finance, Budget and National Planning, in its 2023–2025 Medium Term Expenditure Framework and Fiscal Strategy Paper, revealed that Diaspora remittances were $17.21 billion in 2020 and $19.2 billion in 2021.
When Nigeria’s remittances went below $20 billion for the first time in 2016, it was to $19.7 billion.
Diaspora remittances were among the main sources of non-oil foreign cash for the country, according to the budget office. In 2021, a rise in remittances from Nigerians living abroad was attributed to a series of policies adopted by the Central Bank of Nigeria.
Improving Diaspora remittances in 2022 would help reverse the fall in foreign reserves and boost its current account balance, according to the report. The CBN is intervening in the official market to try to stabilize the exchange rate, according to the office, which explains why the country’s foreign reserves are continuously declining. The country’s failure to achieve its oil output quota was another factor, according to the office.
As a result, it stated, the country’s external reserves will have to expand in order to improve. There were $38.66bn in the country’s external reserves as of June 16.
As the cost of living rises, more migrants are expected to send more money back to support their family, which is why the World Bank expects Nigeria’s Diaspora remittance inflow to climb by 7.1 per cent in 2022,” according to a press release.
In order to reverse the drop in foreign reserves and strengthen the current account balance, which has been in a net deficit since the first quarter of 2019, this is likely to be implemented.”
Rationing is defined by the International Monetary Fund as household income from foreign economies mostly generated by people moving there for short or long periods of time.
In addition to cash and non-monetary products, remittances include money and things transported across borders via formal and informal routes, such as electronic wires.
Additional benefits included helping recipients satisfy basic necessities, investing in their future and starting new businesses as well as servicing debt. Remittances were also cited as a driving force behind economic growth.