By The Nigerian people have a culture of extending financial support to their loved ones, and this has also remained a culture with Nigerians in the diaspora. Nigerians are said to be the largest recipient of diaspora remittance in Sub-Saharan Africa.
According to Nigeria’s Ministry of Finance, budget, and national planning, it disclosed that diaspora remittances were among the top sources of non-oil foreign exchange for the nation.
It was recently reported, that in the first half (H1) of year 2022, Nigerians received the sum of $10.11 billion as diaspora remittances between January and June, which represents a 9.6% increase when compared to $9.23 billion received in the corresponding period of 2021.
In contrast to the second half of 2021, Nigeria’s diaspora remittance inflow increased marginally by 0.9% from $10.02 billion. This is according to data obtained from the Central Bank of Nigeria (CBN).
In the period under review, a sum of $23.3 million was recorded as remittance outflow from Nigeria, indicating a net inflow of $10.09 billion in H1 2022 as against a net value of $9.99 billion recorded in H2 2021 and $9.2 billion recorded in the corresponding period of 2021.
In contrast to the second half of 2021, Nigeria’s diaspora remittance inflow increased marginally by 0.9% from $10.02 billion. This is according to data obtained from the Central Bank of Nigeria (CBN).
The World Bank had earlier projected that Nigeria’s Diaspora remittance inflow will increase by 7.1 percent in 2022, which is reflecting the gains of the continued adoption of official bank channels and the expectation that more Nigerians who have migrated will likely send more money home to support families in fulfilling the age long culture of the Nigerian people.
The number of Nigerians in diaspora has been increasing exponentially over the last five years due to the desire of the Nigerian people to explore the world, and lend a helping hand to other Nations. Also, the interest of the Nigerian people to pursue education abroad in a bid to experience other cultures and possibilities across world, have all contributed to the surge in the migration of Nigerians to other parts of the world.
we look forward to a day when Africans will return home build a stronger and better continent.
