Why Are Nigerians Living Abroad Sending Less Money Back Home?
The amount of money sent home by Nigerians is crashing every year.
For two consecutive years, the money sent by these group of people, which is called remittances, have fallen.
This is the first time this is happening in 30 years, according to the latest edition of the Migration and Development Brief.
The report was released on Friday by the World Bank, at the ongoing IMF/ World Bank’s Spring Meetings in Washington DC, U.S.
Remittance to Nigeria, according to the report, went down by 10% in 2016; Bangladesh 11.1%, and Egypt, 9.5%.
“Remittance flows to Sub-Saharan Africa declined by an estimated 6.1% to 33 billion dollars 2016, due to slow economic growth in remittance-sending countries; decline in commodity prices, especially oil, which impacted remittance receiving countries.
“The diversion of remittances to informal channels due to controlled exchange rate regimes in countries such as Nigeria contributed to decline in the region.
“However, remittances to the region are projected to increase by 3.3% to
34 billion dollars in 2017,” it showed.