Nigerians in diaspora remits $3.3 billion in 2007
The World Bank has acknowledged the contribution of Nigerians in diaspora to the nations’ economy with a whooping remitance of $3.3 billion (about N400 billion) to the country in 2007, the highest in sub-Saharan Africa.
This fact was made known in a World Bank report entitled “Migration and Remittances Factbook 2008,” which provides snapshots of statistics on migration, recorded remittances flows and skilled emigration for 194 countries and 13 regional income groups.
Inward remittances for all developing countries stood at $10.3 billion in 2006 and $10.8 billion in 2007, accounting for less than two per cent of their average Gross Domestic Product (GDP).
In the report, Kenya was the second highest recipient of remittances in 2007 with $1.3 billion, up from the $1.1 billion that the country received in 2006.
Other recipients in the top 10 were Sudan with $1.2 billion, Senegal and Uganda with $0.9 billion each, South Africa $0.7 billion, Lesotho $0.4 billion, Mauritius $0.2 billion, Togo $0.2 billion and Mali $0.2 billion.
A statement from the World Bank said that for 2007, recorded remittances worldwide were estimated at $318 billion, of which $240 billion went to developing countries.
The report lists the world’s top five recipients of migrant remittances in 2007 as India ($27 billion), which also had the world’s largest migration population of 5.7 million; China ($25.7 billion); Mexico ($425 million); Philippines ($17 million) and France ($12.5 million).
“In many countries, remittances provide a lifeline for the poor,” said Dilip Ratha, a senior economist with the World Bank who co-authored the factbook with Zhimei Xhu.
“They are often an essential source of foreign exchange and a stabilising force for the economy in turbulent times,” he added. For many sub-Saharan countries, however, the remittance figures are also an indicator of the high levels of brain drain that have deprived these countries of many of their finest brains.
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