Tag: Diaspora Remittances
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INTERVIEW: 75% of diaspora remittances are to cover food, medical, education costs – Migration Expert
The patterns of migration in Nigeria are diverse and multifaceted. From rural-rural migrations driven by communal conflicts and environmental challenges to rural-urban migrations spurred by the quest for better living conditions, urban-urban and inter-state migrations for better employment opportunities, we learn that the motivations driving migration are as varied as the destinations. Understanding these patterns…
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Diaspora cash remittances as a metaphor for Nigeria’s economic malaise – Dele Sobowale
By Dele Sobowale “Diaspora cash remittances drop by 27% to $17.2bn in 2020.” Diaspora cash flows in 2020 were bound to be lower than those of 2019. COVID-19 made it impossible for Nigerians worldwide to work; earn income and send money home. Most were living on food donations by charities or Local Governments. It is…
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New policy to improve diaspora remittances starts Dec. 4 – Emefiele
The Central Bank of Nigeria (CBN), Mr Godwin Emefiele has announced that the new CBN policy to improve the Diaspora remittances into the country takes effect on Dec. 4. Emefiele made this in his remarks on “Improving remittance Inflows into Nigeria ” obtained from the apex bank’s official website. He said that policy measures were…
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CBN Claims $2.6bn Not $26bn as Diaspora Remittances!, By Henry Boyo
BY HENRY BOYO In the World Bank’s 2018 report, titled “Nigerians Living abroad sent $22bn home in 2017”, the Bank noted that, the top recipients of Diaspora remittances were India with $69bn, Chile ($64bn), Philippines $33bn, Mexico $31bn, Nigeria $22bn and Egypt $20bn. Notably, however, sub-Sahara Africa, attracts the most expensive average remittance cost at…
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Re:$26bn Diaspora Remittances: Where Are The Dollars?, By Henry Boyo
(A REJOINDER BY ETUBOM ANTHONY A. ANI – FORMER MINISTER OF FINANCE – 1993-1998) “The above question was posed in an article in The Punch Newspaper edition of September 9, 2019, by Columnist, Henry Boyo. I have been a daily reader of Punch for the past 10 years and I have not yet, read any…
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$26bn Diaspora remittances: Where are the dollars?, By Henry Boyo
It is now common for thousands of families across Nigeria to be regularly blessed with foreign exchange remittances from their children or relations, who have abandoned the country in search of greener pastures abroad. Notably, such remittances to Nigeria now reportedly exceed $25bn annually. This value exceeds 50 percent of Nigeria’s reserves of $40bn and…