According to World Bank reports compiled by our correspondents, the Nigerian Diaspora has transferred $168.33 billion to the nation over the last eight years.
This is because the amount of foreign investments coming into the country fluctuated during the time period under review, which led to a shortage of foreign currency and the subsequent free fall of the naira.
Data from the World Bank and the Budget Office of the Federation show that Nigeria’s diaspora remittances have been crucial in reducing the effects of currency shortage and maintaining the nation’s foreign exchange reserve.
According to the World Bank, remittances to sub-Saharan Africa increased by 5.2 percent to $53 billion in 2022, with Nigeria receiving the largest share.
According to data from the international bank, Nigerians living abroad sent home a total of $168.33 billion between 2015 and 2022.
According to a breakdown of the data, remittances from the diaspora were $21.2 billion in 2015, $19.7 billion in 2016, and $22 billion in 2017.
It was $24.31 billion in 2018. After a brief decline to $23.81 billion in 2019, the epidemic prompted a further decline to 17.21 billion in 2020. In 2021, it recovered to $19.2 billion, and by 2022, the World Bank predicted that the country had received $20.9 billion in foreign investment.
Before 2020, Nigeria’s remittance inflows have only previously dropped below $20 billion, at $19.7 billion in 2016. The World Bank predicts that in 2022, remittances from the diaspora will rank among the top non-oil sources of foreign money for the nation.
It was observed that numerous new policies from the Central Bank of Nigeria have contributed to the consistent rise in inflows from the Diaspora since 2021.
According to data from the CBN, as of April 19, 2023, Nigeria had $34.43 billion in foreign exchange reserves, a rise of 18.4% from $29.07 billion in 2015.
Although remittances from Nigerians living abroad have provided a lifeline for many of them, the Nigerian diaspora community recently expressed concern that the present economic crisis may limit the amount of money it can send home.
