Latest statistics from the National Bureau of Statistics (NBS) shows that Nigeria’s Diaspora remittances rose to an estimated $25.08 billion in the year 2018.
According to the NBS reports, remittances from Nigerians in the Diaspora rose from $3.24 billion in 2013 to approximately $25.08 billion in 2018. This means the remittances rose by 126% within the six year period.
An analysis of the statistics shows that the inflow of the remittances had been on the increase as more Nigerians who went abroad in search of greener pastures send foreign currencies to their families. For instance, the statistics showed that Nigeria ranks third in the rating of countries with the highest number of Express Entry invitations to Canada in 2018.
A further breakdown of the report show that Nigeria’s Diaspora remittance inflow accounted for 5.74% of the country’s Gross Domestic Product.
Specifically, in 2013, Nigeria’s remittance was put at 4.31% to the GDP, while in 2018 it stood at 5.74%.
An earlier forecast by PricewaterhouseCoopers (PwC) shows that the total remittance inflow to Nigeria will grow by almost double from US$25.08 billion in 2018 to US$34.89 billion in 2023.