Nigeria’s migrant remittance hits £13bn

Posted by admin Headlines Sunday, February 3rd, 2013

Nigerian citizens living in different parts of the world are estimated to
have remitted home £13.3 billion in 2012. The amount ranks first in
Africa and fifth largest beneficiaries in the world, a global report has
revealed.

Nigerian migrants had in 2011 recorded highest remittance by
citizens of any African countries living in the Diaspora when it
remitted home N1.727 trillion ($11 billion). The trail-blazing
development also made Nigeria the seventh biggest recipient of
money remitted back home.

Meanwhile, the figures from the World Bank on global migration and
remittances for last year indicated that a total of £335 billion was
remitted by migrants to their struggling families in their respective
countries of origin.

The report also shows that the biggest beneficiaries included India
and China, which each received more than £38billion, followed by
the Philippines (£15billion), Mexico (£15billion) and Nigeria
(£13billion).

It may be recalled that the current figure which is estimated to be
bigger than the economy of Iran or Argentina, has tripled in the last
ten years and is now three times bigger than the total aid budgets
given by countries around the world as more people than ever
choose to live abroad.

Globally, there are more than 214 million migrants, which would
make it the fifth most-populated country behind China, India,
America and Indonesia.

In the same vein, World Bank officials believe the amount they
donate could be billions more because not all cash is sent through
banks and money transfer companies on which the figures are
based.

The report added that the development had triggered debate
whether this so-called remittance money could be a viable
alternative to relying on help from other governments, noting that
for dozens of developing nations, the flow of migrant cash already
massively outstrips official aid they receive.

The report further disclosed that a number of countries have set up
initiatives to manage the cash flow, including the Rwandan
government, which saw much of its aid cut last year over claims it
was helping rebels in neighboring Democratic of Congo.

“As a result, it has asked all Rwandans living abroad to contribute to
a new ‘solidarity fund’ to make up the difference. However, migrants
are complaining they are being charged more than 20 per cent in
transfer fees as companies scramble to exploit the ever-growing
market”, the report stressed.
wp_posts