Total Remittances To Nigeria Hit $125.16bn In Six Years

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The National Bureau of Statistics (NBS) on Wednesday disclosed that the United Kingdom (UK) led other countries in $125.16 billion diaspora remittances to Nigeria between 2016 and 2021.

The Bureau in its “2022 Demographic Statistics Bulletin” report disclosed that data from the Central Bank of Nigeria (CBN) shows that inflow into Nigeria in 2016 stood at $19.51 billion and it increased to $21.80 billion in 2017 and further rose to $24.06 billion in 2018.

Diaspora remittances to Nigeria fell to $23.55 billion in 2019.

“In 2020, there was a significant decline in inward remittances to $17.00 billion, while 2021 recorded $19.24 billion,” the report disclosed.

According to the report, “On the other hand, outward remittances observed a declining trend from $733.21 million in 2016 to $268.93 million in 2017 and $52.12 million in 2018.

“It further fell to $49.99 million in 2019 and rose to $56.44 million in 2020. In addition, 2021 recorded $47.55 million, indicating a fall from the previous year.”

The report hinted that there is an inverse relationship between inward and outward remittances, such that when the inward remittances increased, the outward remittances decrease, and vice versa.

NBS stated that the UK and the United States of America are among the top 10 countries with the highest inward remittances from 2016 to 2021.

“The United Kingdom stood top with $12.36 billion in 2021. The United Kingdom had inward remittances of $12.53 billion in 2016, which rose in 2017 to $14.00 billion and further rose to $15.45 billion in 2018. However, it fell in 2019 to $15.12 billion and had a significant drop of 72.20 percent in 2020 when $10.92 billion was recorded.

Nevertheless, it improved in 2021 to $12.36 billion. This trend is similar for all countries with 2020 recording the lowest figures.

“Other countries reported in the table include the United States of America, Canada, Malaysia, Saudi Arabia, Libya, The United Arab Emirates, Italy, Sudan, and South Africa.”

The report also disclosed that the United States of America, and Senegal, led the other 10 countries that received the highest remittance from Nigeria (outward remittance) from 2016 to 2021.

Other countries are Togo, the United Arab Emirates, Saudi Arabia, Benin, Ghana, the United Kingdom, Niger, and Canada

“The United States of America recorded the most remittances from Nigeria during the period under review. In 2016, $206.19 million was recorded. This declined significantly to $75.63 million and $14.66 million in 2017 and 2018 respectively.

“It further decreased to $14.06 million in 2019 and rose to $15.87 million in 2020. However, 2021 recorded $13.37 million, showing a decrease of 15.76 per cent compared to the previous year.”

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