{"id":3194,"date":"2020-12-30T13:22:04","date_gmt":"2020-12-30T13:22:04","guid":{"rendered":"https:\/\/provisioservices.com\/staging\/6461\/?p=3194"},"modified":"2023-10-18T15:03:39","modified_gmt":"2023-10-18T15:03:39","slug":"diaspora-remittances-from-nigeria","status":"publish","type":"post","link":"https:\/\/provisioservices.com\/staging\/6461\/diaspora-remittances-from-nigeria\/","title":{"rendered":"Diaspora Remittances from Nigeria: Charting The Contribution to Economy"},"content":{"rendered":"<table style=\"height: 54px; width: 98.3113%; border-collapse: collapse;\">\n<tbody>\n<tr style=\"height: 87px;\">\n<td style=\"width: 100%; background-color: #02030f; height: 54px; text-align: left;\"><span style=\"color: #ffffff;\"><span style=\"font-family: Arial Nova Light;\">Why We L\ud83d\udc40ked Into This \u00bb<\/span>\ud83c\udfa8<\/span><\/p>\n<table style=\"width: 100%; border-collapse: collapse; background-color: #ffffff; height: 60px;\">\n<tbody>\n<tr style=\"height: 60px;\">\n<td style=\"width: 100%; height: 60px;\"><span style=\"font-family: arial, helvetica, sans-serif;\">Foreign remittances, often called, Diaspora Remittances in Nigeria, is a major source of revenue to the government. How much are Nigerians abroad sending back home? What countries are the top sources?<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-size: 12pt;\"><strong>Diaspora Remittances as % of Nigeria&#8217;s GDP<\/strong><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" class=\"wp-image-3195 size-full alignleft\" src=\"https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/01\/Remittance-to-GDP.png\" alt=\"\" width=\"1080\" height=\"1080\" srcset=\"https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/01\/Remittance-to-GDP.png 1080w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/01\/Remittance-to-GDP-300x300.png 300w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/01\/Remittance-to-GDP-1024x1024.png 1024w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/01\/Remittance-to-GDP-150x150.png 150w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/01\/Remittance-to-GDP-768x768.png 768w\" sizes=\"auto, (max-width: 1080px) 100vw, 1080px\" \/><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>Inward Remittances remain a source of income for Nigeria, contributes to the GDP and improve BoP (balance of payments) position.<\/li>\n<li>On December 3, 2020 the Central Bank Governor <a href=\"https:\/\/www.cbn.gov.ng\/Out\/2020\/CCD\/Governor&#039;s%20Remarks%20Diaspora%20Remittances.pdf\" target=\"_blank\" rel=\"noopener\">announced<\/a> ways to improve remittance inflows into Nigeria via official channels.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-size: 12pt;\"><strong>Diaspora Remittances vs FDI as % of Nigeria&#8217;s GDP<\/strong><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" class=\"alignleft wp-image-3196\" src=\"https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/01\/Remittances-vs-FDI-e1611407706419.png\" alt=\"\" width=\"761\" height=\"761\" \/><\/p>\n<ul>\n<li>Recently, remittances dipped and with the impact of COVID-19, this will reduce further. Despite this, this inflow from Nigerians in diaspora contributes to the GDP than FDI (Foreign Direct Investment).<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-size: 12pt;\"><strong>Top Sources of Nigeria&#8217;s Remittance Inflow<\/strong><\/span><\/h2>\n<h2><img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" class=\"wp-image-30769 size-full alignleft\" src=\"https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2020\/12\/Top-Sources.png\" alt=\"\" width=\"1080\" height=\"1080\" srcset=\"https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2020\/12\/Top-Sources.png 1080w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2020\/12\/Top-Sources-300x300.png 300w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2020\/12\/Top-Sources-1024x1024.png 1024w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2020\/12\/Top-Sources-150x150.png 150w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2020\/12\/Top-Sources-768x768.png 768w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2020\/12\/Top-Sources-585x585.png 585w\" sizes=\"auto, (max-width: 1080px) 100vw, 1080px\" \/><\/h2>\n<ul>\n<li>The United States and United Kingdom remain the top source of remittances over time.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-size: 12pt;\"><strong>Nigeria as a Top 10 Global Recipient of Foreign Remittances<\/strong><\/span><\/h2>\n<p style=\"text-align: center;\"><iframe src=\"https:\/\/www.youtube.com\/embed\/suw1zIypD6c\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\n<ul>\n<li>In the past ten years, Nigeria has featured in the top 10 recipient of foreign emittances globally.<\/li>\n<li>India and China have consistently been the top two recipients. These two countries are the most populous in Asia and the world, while Nigeria is the most populous country in Africa.<\/li>\n<li>Since 2017, Egypt (the third most populous country in Africa) has overtaken Nigeria as the top recipient in Africa.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<div style=\"min-height: 450px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/hSx9F\/embed.js?v=2\" charset=\"utf-8\"><\/script><noscript><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/datawrapper.dwcdn.net\/hSx9F\/full.png\" alt=\"This table lists the life expectancy in Africa using 2018 data from World Bank\" \/><\/noscript><\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Why We L\ud83d\udc40ked Into This \u00bb\ud83c\udfa8 Foreign remittances, often called, Diaspora Remittances in Nigeria, is a major source of revenue to the government. How much are Nigerians abroad sending back&hellip;<\/p>\n","protected":false},"author":4,"featured_media":3196,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[340],"tags":[140,141,153,146,144,154,152,143,145,142],"class_list":["post-3194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-and-economy","tag-diaspora-remittances-nigeria","tag-diaspora-remittances-to-nigeria-in-2020","tag-international-remittance-in-nigeria","tag-nigerian-diaspora-statistics","tag-remittance-ranking-2019","tag-remittance-to-nigeria","tag-remittances-as-percentage-of-gdp-nigeria","tag-remittances-by-country","tag-remittances-by-country-2020","tag-top-remittance-receiving-countries-2020"],"_links":{"self":[{"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/posts\/3194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/comments?post=3194"}],"version-history":[{"count":5,"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/posts\/3194\/revisions"}],"predecessor-version":[{"id":30772,"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/posts\/3194\/revisions\/30772"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/media\/3196"}],"wp:attachment":[{"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/media?parent=3194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/categories?post=3194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/tags?post=3194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}