Remittances And Inflows – Nigeria🇳🇬
Remittances, the money sent by migrants working abroad to their home countries, are crucial in supporting families and driving economic growth in many nations.
According to the World Bank Nigeria diaspora remittance was about $20 billion in 2023
There are about 20 million Nigerians in the Diaspora, making up 10 percent of the population.
Owing to its massive diaspora population, Nigeria regularly receives the greatest remittance inflows (followed by Ghana, Kenya, and Senegal.
The Nigerian foreign exchange market’s incapacity to absorb these remittances has added to the liquidity shortfall in the market.
According to Taiwo Oyedele, The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Nigeria estimate that more than 90% of that did not get to Nigeria. A mere 10% of the $20 billion 2023 diaspora remittances reached the Nigerian foreign exchange market.
Nigeria Plans a $10 Billion Diaspora Fund to Attract Dollar Inflows and investment from Nigerians in the diaspora to support critical sectors including infrastructure, health care and education to grow the economy.
Diaspora Fund aim is to: strengthen ties between Nigeria and Nigerians in the diaspora; promote national development; and harness the potential” nearly 20 million Nigerians in the diaspora as “agents of change and development for Nigeria.
The Ministry of Industry, Trade and Investment is seeking bids from asset managers to set up the $10 Billion Diaspora Fund.