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Nigeria Among Top 10 Recipients of Migrant Remittances

03 Dec 2011

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Robert Zoellick, World Bank President


From Tokunbo Adedoja in New York
With $11 billion remitted by Nigerians in the Diaspora in 2011, Nigeria is among the top ten recipients of migrant remittances, a new report released by the World Bank has said.

According to the report titled, "Migration and Remittances Brief 17", the top ten recipients of remittances among developing countries are India ($58 billion), China ($57 billion), Mexico ($24 billion), Philippines ($23 billion), Pakistan ($12 billion), Bangladesh ($12 billion), Nigeria ($11 billion), Vietnam ($9 billion), Egypt ($8 billion), and Lebanon ($8 billion).

The report, which was prepared by the Development Economics (DEC) and Poverty Reduction and Economic Management (PREM) network, said officially recorded remittance flows to developing countries were estimated to have reached $351 billion in 2011, up by eight per cent over the $325 billion recorded in 2010.

It also noted that for the first time since the global financial crisis, remittances flows to all six developing regions rose in 2011 beyond projections in four regions, including sub-Saharan Africa where strong South-South flows and weaker currencies in some countries attracted larger remittances.

Remittances flows to Latin America and the Caribbeans, and Middle East and North Africa, according to the report, were lower than projected due to continued weakness in US economy and Spain in the case of the former, and impact of the Arab Spring, in the case of the latter.

Also, while remittance costs had fallen from 8.8 per cent in 2008 to 7.3 per cent in the third quarter of 2011, its continued to remain high in Africa and in small nations where remittances provide a life-line to the poor.

The report projected that following the rebound in 2011, the growth of remittance flows to developing countries is expected to continue at a rate of seven to eight per cent annually to reach $441 billion by 2014.

It further projected that worldwide remittance flows, including those to high-income countries, are expected to exceed $590 billion by 2014.
It however added that volatile exchange rates, uncertainty in oil prices, and persistent unemployment  in Europe and United States, with the prospects of tougher immigration policies, could affect these projections.

Tags: Featured, News, Nigeria, Remittances

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  • The report should be taken seriously by the Federal Government. Nigerians in diaspora are ready and willing to contribute their collective and individual quotas to the development of the country. All hands must be on deck to encourage them by making facilities available for their commitment to the country. A special ministry is long overdue to oversea the needs of these patriots. A further look at the Asians immigrant commitment to their countries' development should be encouraged by the Federal Government. Asians in diaspora have contributed immensly to the economic viability of their contries. In passing, there are Nigerians in diaspora who are ready and willing to invest heavilly in Nigeria. The unneccessary bottlenects should be disloged and encouragement should be the hallmark. The article is quite accurate and timely. The Federal Government should create an enable environment to facilitate the interest.

    From: Josiah A. Ilori

    Posted: 2 years ago

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  • This is about one third of the National Budget!

    From: Johhny

    Posted: 2 years ago

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