Nigeria Gets 66.67% of Remittances to Africa, Receives $21bn, Says WorldRemit 

Nigeria received $21 billion last year, accounting for two-thirds of all remittances to sub-Saharan Africa, an online money transfer service, WorldRemit has said.
Its Marketing and Communications Executive, Martin Schmidbaur said Nigeria remains among the world’s largest recipients of remittances and that remittances to the region are projected to reach $36 billion in 2017. In 2013, remittances financed one-third of the country’s imports. In an emailed report titled: How Mobile Money will Power Global Remittances, Schmidbaur said global remittances will grow slowly this year, but accelerate again in 2016 and 2017. Furthermoore, Schmidbaur said global remittances will this year, reach $586 billion at a slower growth rate of 0.4 per cent due to economic conditions but will accelerate again to reach an estimated $636 billion in 2017. He said fees are far too high and that the average cost of sending $200 to sub-Saharan Africa remains at 12 per cent of the amount, higher than the G20’s target of five per cent.

Leave a Reply

Your email address will not be published. Required fields are marked *