Wow!!!....With about $21 billion sent home by Nigerians in diaspora in 2015, the country is the sixth largest receiver of remittances in the world, the Migration of Remittance Factbook 2016 has shown.
The country is also by far the largest receiver of remittances in sub-Saharan Africa, receiving a total of $34.8 billion this year.
The report on Daily Sun which relied on data gathered from January to December 1, 2015, was compiled by the Global Knowledge Partnership on Migration and Development with support from the World Bank, German, Swedish and Swiss governments.
An analysis of the report also shows that the United States and the United Kingdom are by far the most lucrative destinations for Nigerian migrants. Nigerians at home received a total of $9.4 billion ($5.7 billion from the US and $3.7 billion from the UK) from both countries in 2015.
According to the report, the U.S. is the top remittance-sending country in the world. A total of $56.3 billion was sent out of the US to other parts of the world. The second largest remittance-sending country is Saudi Arabia with $36.9 billion followed by Russia ($32.6 billion), Switzerland ($24.7billion) and Germany ($20.8 billion).
The report also shows that the cost of sending money within Africa is the second most expensive in the world (the most expensive being the cost of sending money between Australia to the South Pacific country of Vanuatu).
For every $200 remitted from South Africa to Zambia, senders are charged 19 percent. The cost is 17.4 per cent to send the same amount from South Africa- Botswana and 17.3 per cent from Tanzania to Uganda.
In comparison, it cost just 0.6 per cent to send the same amount of money from Saudi Arabia to Nepal and 3.1 per cent from the United Arab Emirate to anywhere in the world.
Migration
According to the report, Nigeria is the third most preferred destination for migrants in Africa after South Africa and Ivory Coast and also, Nigeria is the fifth emigration country in the continent behind Somalia, Burkina Faso, Sudan and Democratic Republic of Congo.
Oga o, but me no get any oo
ReplyDelete*Larry was here*
Same here ooh one naira I no see
DeleteAbi o, even me
DeleteReally?
ReplyDeleteHmmnnnnnn. Money dey wia money dey
DeleteOk we hear
ReplyDeletethat's a lot
ReplyDeleteOk
ReplyDeleteAnd what are we 2do with ds gist?
ReplyDeleteU de look for stellar trouble today
DeleteHhhmmmnnnn......
ReplyDeleteWow
ReplyDeleteThis is so true, relatives abroad are obliged to send money home especially during the festive period.
ReplyDeleteHmmmmmmmmmm.
ReplyDeleteEzioku!!!
ReplyDeleteThat's good, that is suppose to boost the economy,unfortunately more of that money is taken out of d country daily so obviously it will have no effect
ReplyDeleteWow
ReplyDeleteHmmmmmm assuming my bro isn't stingy d money would have increased to @ least 0.0001% Mchewww imagine someone sending u 5k
ReplyDeleteLmao..
DeleteYou wouldn't know what he has to go through to send dt 5k. Once a family member is abroad the remaining 50 of you abroad expect everything to be done for you by dt person and since you are so many expecting something from him or her 5k is even too much.
DeleteAppreciate it, he works hard for it. Mind you he has is own bills to pay.
DeleteStingy come and make the money in cold yourself then you will understand what he is going through. Instead of you to pray for him do you know if he works or is even a squatter? I used to think like you though
DeletePahahahahahahah
DeleteFreshdew pls stop!!! Must you write in English???
DeleteHmmmmmmm brb Stell
ReplyDeleteHmmmmmm nigeria every were sending money .
ReplyDelete
ReplyDeleteSad Truth...
This story might not make sense to a lot of people living in Nigeria, but to Nigerians in the diaspora it makes a whole lot of sense.
Living in the diaspora today means you have to fend for all your relatives back home, if you don't send money home it means your folks will not eat.
Because we have a country where youth unemployment is high, even with good grades from university.
Not forgetting most school fees were paid from Nigerians leaving in the diaspora.
Your old retired parents rely on what you send as their pension is either too little or is still pending.
And we have a country where a budget is being read demanding trillions of naira and dollars.
I think it is a shame.... My own view on this story!
My country,always at the receiving end.
ReplyDeleteWhy you no see 1 Naira. Who stopped you from seeing it.
ReplyDeleteIn the case of Nigeria being the highest with remittances, I think is because of the high dependence ratio we have here as well as the extended family system we run here in Nigeria. Nigeria is the giant of Africa, that's why other African countries see here as their own Obodo oyibo.
ReplyDeleteAm not surprised.
ReplyDeleteSeen
ReplyDeleteOur pple dey remember home @least
ReplyDeleteThanks to yahoo boys and drug pushers.
ReplyDelete* side eyes *
#WhiteDiamondOut
Whitey,decent,hard-working men and women over there send to their relatives too.
DeleteMerry Christmas hun.
Oops
ReplyDeleteAnd the sad truth is dat not even One kobo of dis money reach my hand...chai!!!....Lord make my story change dis 2016 in jesus name
ReplyDeletea.k.a EDWIN CHINEDU AZUBUKO said...
ReplyDelete.
That is why me too i want to go there and start doing same no doubt....
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***CURRENTLY IN JUPITER***
Who go send me dollars self. D ones in abroad self dey disturb u must remember them. See flenty flenty mini
ReplyDeleteI benefitted o. The exchange rate encouraged me. I raked my siblings wella.
ReplyDeleteStella why didn't u post my comment? Do u think I buy mb with sand? A beg please no make me vex ..mtcheew anyway I pray that God will bless me in the new year with a new job so I can send money to my parents IJN. Amen
ReplyDeletethat is a lot
ReplyDelete