Wednesday 23 December 2015

Nigeria Rranked World’s 6th Largest Receiver Of Remittances At $20.8b In 2015

Nigerians in diaspora sent at least $21 billion in remittances from January to December 1, 2015, making the country the sixth largest receiver of remittances in the world, a study by the Migration of Remittance Factbook 2016 has shown.

Of the total $ 34.8 billion sent to Sub-Saharan Africa, $21 billion was sent to Nigeria alone.
The report was compiled by the Global Knowledge Partnership on Migration and Development (KNOMAD) and received support from the World Bank, German, Swedish and Swiss governments.
The report also shows that most of the monies sent home by Nigerians are from two destinations – the United States and the United Kingdom.  Nigerians in the US remitted a total of $9.4 billion ($5.7 billion from the US and $3.7 billion from the UK) in 2015.
Also, the report shows that the US is the top remittance-sending country in the world. A total of $56.3 billion was sent out of the US to other parts of the world. The second largest remittance-sending country is Saudi Arabia with $36.9 billion, followed by Russia ($32.6 billion), Switzerland ($24.7billion) and Germany ($20.8 billion).
The report further showed that the cost of sending money within Africa is the second most expensive in the world (the most expensive being the cost of sending money between Australia to the South Pacific country of Vanuatu).
For every $200 remitted from South Africa to Zambia, senders are charged 19 per cent. The cost is 17.4 per cent to send the same amount from South Africa-Botswana and 17.3 per cent from Tanzania to Uganda.
The report, which also looked at migration pattern across the world revealed that Nigeria is the third most preferred destination for African migrants after South Africa and Ivory Coast.
It, however, shows the country is the fifth in emigration rankings in the continent behind Somalia, Burkina Faso, Sudan and Democratic Republic of Congo.
The report stated that 2.5 per cent (23.2 million) of the total population of sub-Sahara Africa are migrants.

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