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Sunday, August 14, 2022

Nigeria Remittance Flows Rebound to $17.6bn on CBN Policies – World Bank

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Nigeria, sub-Saharan Africa’s largest recipient, is experiencing a moderate rebound in remittance flows, in part due to the increasing influence of Central Bank of Nigeria (CBN) policies intended to channel inflows through the banking system, according to the World Bank.

Remittance inflows to Nigeria increased by 2.45 percent to $17.63 billion in 2021 equivalent to 3.7 percent of GDP, according to World Bank data released yesterday.

Remittance inflows to Sub-Saharan Africa as a whole also returned to growth in 2021, increasing by 6.2 percent to $45 billion.

Countries where the value of remittance inflows as a share of GDP is significant include the Gambia (33.8 percent), Lesotho (23.5 percent), Cabo Verde (15.6 percent) and Comoros (12.3 percent).

In 2022, remittance inflows are projected to grow by 5.5 percent due to continued economic recovery in Europe and the United States.

Remittance costs averaged 8 percent in the first quarter of 2021, down from 8.9 percent a year ago. Although intra-regional migration makes up more than 70 percent of cross-border migration, costs are high due to small quantities of formal flows and utilization of black-market exchange rates.

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