Nigerians living in the United Kingdom sent £3.27 billion back home in 2017, according to a report by the World Bank.
A study researched by the bank has found that Nigeria was the top receiver of cash from the United Kingdom in 2017.
Nigeria
was ranked the largest remittance recipient in sub-Saharan Africa and
the sixth largest amongst lower-middle-income countries.
“Remittances
to Sub-Saharan Africa are estimated to grow by 9.8 percent from $41
billion in 2017 to $45 billion in 2018. Projections indicate that
remittances to the region will keep increasing, but at a lower rate, to
$47 billion by 2019,” the report read.
“The upward trend observed
since 2016 is explained by strong economic conditions in the
high-income economies where many sub-Saharan African migrants earn their
incomes.
Largest remittance recipient country in Sub-Saharan
Africa and the sixth largest among the Low, Middle income Countries
(LMICs) is expected to receive more than $25 billion in official
remittances by the end of 2018, an increase of more than $3 billion
compared with the previous year.”
According to the Bretton Wood institution, the average cost of sending money to sub-Saharan Africa decreased slightly.
“The
average cost of sending $200 to the Sub-Saharan Africa region slightly
decreased, averaging 8.9 percent in 2018 Q3, the lowest cost ever
registered in the region.
“A declining trend has been observed in
remittance costs in the region since the beginning of 2018, but this
average remains far above the global average of 6.9 percent and the SDG
target of 3 percent by 2030. (NAN)
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