Nigerians in Diaspora remit $65.34bn in three years

23 Aug Nigerians in Diaspora remit $65.34bn in three years

Nigerians in Diaspora remitted $65.34bn in three years to boost economic activities in the country, according to data from the World Bank.

According to the World Bank data, in 2018, the Nigerian Diaspora remittance was $24.31bn; in 2019, it dropped to $23.81bn; but in 2020, it fell to $17.21bn.

Remittance inflow made up four per cent of Nigeria’s Gross Domestic Product in 2020.

According to the United Nations Department of Economic and Social Affairs, Nigeria had a Diaspora population of 1.7 million as of 2020.

This puts the average remittance per Nigerian abroad (based on 2020 Diaspora population) at $38,428.15 across the three years.

Since 2008, India has been the largest recipient of Diaspora remittances as it reaps from its large pool of technology experts who are sought after abroad.

However, in the years under review, on per-person average, Nigeria received more remittances than India and Bangladesh, another top destination of Diaspora remittances.