CBN, World Bank Reveal Nigerians in Diaspora Remitted $168 Billion in 8 Years
- Nigerians abroad have repatriated about $168 billion to Nigeria in the last eight years
- The World Bank revealed that Nigerians abroad play an essential role in foreign exchange inflow into the country
- Also, the Central Bank of Nigeria has disclosed that its Naira 4 Dollar Scheme has witnessed massive adoption
A recent report by the World Bank has said Diaspora Nigerians have remitted about $168.33 billion to the country in the past eight years.
The report comes as foreign investment inflow into the country dipped in the period under review, mainly driven by a scarcity of forex, leading to the collapse of the naira.
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Nigerians abroad key to dollar inflow into Nigeria
The World Bank and Nigeria’s Budget Office data reveal that Nigerians abroad played a prominent role in satisfying the impact of foreign exchange scarcity and keeping the country’s forex reserve afloat.
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The World Bank reported in 2022 that remittance inflow to Africa increased by 5.2% to $53 billion, with Nigeria getting the most significant share.
Data from the Washington-based bank stated that between 2025 and 2022, about $168.33 billion was repatriated home by Nigerians abroad.
An analysis of the figures shows that in 2015, Diaspora remittances were $21.2 billion, declining to $19.7 billion in 2016 and spiking to $22 billion in 2017.
As of 2018, total remittances amounted to $24.31 billion and dropped to $23.31 billion. Due to the pandemic, Diaspora Remittances plummeted to $17.21 billion and rebounded to $19.2 billion in 2021.
World Bank estimates that a total of $20.9 billion was remitted by Nigerians in Diaspora in 2022.
CBN policies driving dollar inflow into Nigeria
Punch reports that before 2020, the country’s remittance inflows had dipped below $20 billion to $19.7 billion in 2016. The World says that Diaspora remittance will be one of the primary sources of non-oil foreign exchange earners for Nigeria in 2022.
According to the bank, the sustenance of the increase in Diaspora inflows in 2021 happened because of several policies of the Central Bank of Nigeria (CBN).
TheCable reports that the apex bank revealed that Nigeria recorded $2.4 billion in Diaspora remittances via its Naira 4 Dollar Scheme in 2022.
It introduced the policy in 2021, which pays N5 for every $1 received as a remittance inflow.
The bank’s Director of Trade and Exchange Department, Ozoemena Nnaji, said that all through 2021, remittances recorded via the initiative were about $2.9 billion. In the eight months of 2022, the country had recorded approximately $2.4 billion.
“We have seen an increase in the Naira 4 Dollar regarding remittances. For example, in 2021, we recorded $2.9 billion of cash inflows, and so far this year, we have recorded $2.4 billion. So, in half of the year, we have gotten almost what we got in 2021,” Nnaji said.
Latest record show 10 African Countries with the highest Diaspora remittances
Legit.ng reported that Nigerians abroad had sent $19.2 billion home in 2022 alone. World Bank said that in 2022, the remittance view is moderately positive, according to Business Insider.
The bank released its Migration and Development Brief, saying that growth is expected to continue at 7.0 per cent to $55 billion.
The growth, World Bank said, is despite the generally adverse economic environment globally.
Source: Legit.ng
