30% of Every Dollar Sent To Africa Come From Nigerians - Emefiele
For every $100 sent to Africa from across the world, $30 come from Nigerians living abroad.
This revelation is coming from the governor of the Central Bank of Nigeria, CBN Godwin Emefiele.
He did not name a specific figure Nigerians abroad send home, but said African countries received $72 billion in remittances in 2017.
A World Bank report said Nigeria received $22 billion in remittances in 2017 alone — behind China, India, Mexico, and The Philipines.
This shows that Nigeria receives 30.56% of the $72 billion remittances to Africa, according to the report and the governor’s revelation.
The governor was represented by Mohammed Tumala, director CBN Statistics Department, at the opening session of a workshop on remittance household surveys.
At the event, jointly organised by the CBN and the African Institute for Remittances (AIR), Emefiele said that remittances inflows contribute substantially to foreign exchange earnings and household finances in most developing countries.
“Money sent home by migrant workers is among the major financial inflows to developing countries and in some cases, it exceeds international aids and grants,” Emefiele said.
“According to the World Bank, global remittances have risen gradually over the years to about $613 billion in 2017, of which $72 billion was received by African countries.”
Emefiele said that in recent years, Nigeria has taken measures aimed at attracting remittances inflow to the country and contribute to its economic development.
The measures include: the floating of a 300-million-dollar diaspora bond by the government and the introduction of electronic Certificate of Capital Importation to Nigerians in diaspora.
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