Nigerians Abroad Sent 6.9 Trillion Naira Home In 2016 – UN Report
Now you know one of the ways dollar flows into Nigeria.
Nigerian men and women working outside the country sent at least $18.956 billion, about 6.91 trillion-naira home in 2016 alone.
According to a United Nations’ agency report released on Wednesday, this indicated a 5.2% growth in nine years.
According to the report, titled: ‘Sending Money Home: Contributing to the SDGs, One Family at a Time’ and published on Wednesday, global migrant workers sent back to their home countries $445 billion in 2016, lifting millions out of poverty.
The United Nations International Fund for Agricultural Development said currently, about 200 million migrants, by sending money home, have supported some 800 million family members globally.
Women now comprise about half of all remittance senders, and it is believed that this trend can help advance gender equality and women’s empowerment through financial independence and better employment opportunities.
The report, by the UN International Fund for Agricultural Development, said that remittance flows have grown over the last decade at an average rate of 4.2% annually, from $296 billion in 2007 to $445 billion in 2016.
The top 10 sending countries account for almost half of annual flows, led by the U.S., Saudi Arabia and Russia.
Up to 80% of remittances are received by 23 countries led by China, India, the Philippines, Mexico and Pakistan.