World Bank says Diaspora Nigerians remitted $168 billion in eight years
Written by Joey Shekwonuzhibo on April 25, 2023
The World Bank is saying that the Nigerian Diaspora community has remitted $168.33 billion to the country in the past eight years.
This is as foreign investments inflow into the country fluctuated in the period under review and caused a scarcity of foreign currency which has since led to the free fall of the naira.
According to data from the World Bank and Budget Office of the Federation, Nigeria’s Diaspora remittances have played a key role in assuaging the impact of foreign exchange scarcity and keeping the country’s forex reserve afloat.
In 2022, the World Bank stated that remittances flow to sub-Saharan Africa grew by 5.2 percent to $53 billion, with Nigeria getting the largest share.
