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Tag: Remittances

  • Diaspora remittances to Nigeria hit $20bn

    Diaspora remittances to Nigeria hit $20bn

    President Bola Tinubu has disclosed that Diaspora Home Remittances through official channels stood at $20.93 billion in 2024, which is four times the value of Nigeria’s Foreign Direct Investment (FDI).

    President Tinubu said this at the National Diaspora Day (NDD) celebrations and National Merit Award 2025, organised by Nigerians in the Diaspora Commission (NiDCOM) on Friday in Abuja.

    The theme of the celebration was “Optimising Formidable Diaspora Potentials for National Development and Growth”.

    The President was represented by Sen. George Akume, Secretary to the Government of the Federation.

    He lauded the creation of NiDCOM flagship programmes like NDD celebrations, National Diaspora Merit Award, Nigeria Diaspora Investment Summit, Diaspora Mortgage Scheme and Diaspora Data Mapping project.

    According to him, it has become a practice to fellowship with Nigerians in the diaspora at the presidential diaspora town-hall meetings during the presidential official trips outside the country.

    “It is gratifying to note that we have celebrated the achievements of our diaspora annually on July 25th, many of whom are our Ambassadors at large uplifting the image of Nigeria in their host countries.

    “Nigerians in the diaspora are also actively investing in our healthcare, agriculture, education, Information and Communication Technology (ICT), housing and real estate, sports, transportation, oil and gas and other sectors.

    “This is commendable and in our enlightened self-interest as only Nigerians, both at home and abroad, can develop Nigeria,’’ he said.

    He also said that the NDD celebration has taken a new dimension owing to the inclusion of the national Diaspora merit award by NiDCOM since 2023.

    Speaking earlier, Mrs Abike Dabiri-Erewa, Chairman/CEO of NiDCOM, said the NDD was set aside to recognise and acknowledge the over 20 million Nigerians in the diaspora who are contributing immensely to national development.

    “Our Diaspora are known for hard work, resilience, patriotism, and they are highly productive. They are also barrier breakers and pacesetters in their different fields of endeavour.

    “It, therefore, behoves on us to celebrate our very best, not minding that a few do fall below standard.

    “Since its establishment over six years ago, NiDCOM has had so much to celebrate; this is because the legacy team has sustained the passion and consistency that saw to the establishment of the commission,” she said.

    Dabiri-Erewa said that the commission had successfully hosted NDD merit awards where notable individuals and association who have contributed to the development of the country and their host countries were recognised and honoured.

    “Badagry door of return festival is celebrated in October yearly; to commemorate the Nigerian descendants from the slave trade era and the significance of the ancient city of Badagry during that period,’’ she said.

    Ms Sharon Dimanche, Chief of Mission International Organisation for Migration (IOM) Nigeria, commended NiDCOM for the organisation and success stories in the past years.

    Dimanche said that it underscored the unique role of Nigerian diaspora as a catalyst for inclusive and sustainable development.

    According to her that the Nigerian diaspora has consistently demonstrated resilience, innovation, and patriotism.

    “According to the World Bank, in 2024, global official remittances was 905 billion dollars, with Sub-Saharan Africa receiving 56 billion dollars.

    “Of this, Nigeria recorded a significant inflow of 20.93 billion dollars, an 8.9 per cent increase from the previous year as reported by the Central Bank of Nigeria.

    “These remittances serve as a vital economic buffer, supporting households, education, healthcare and livelihoods across the country,” she said.

    She, however, said that the diaspora’s impact transcended remittances,

    “Nigerian professionals in health, technology, education, arts, finance and public administration are transforming institutions globally while maintaining deep ties to their homeland.

    “This transnational connection represents an untapped wealth of knowledge, skills and networks critical to national transformation.

    “The youth in the diaspora; innovative, digitally savvy and globally connected hold enormous potential to drive entrepreneurship, civic participation, and technological advancement in Nigeria,” she said.

    Nigerians in diaspora reaffirm commitment to national development

    Meanwhile, the Nigerians in Diaspora Organisation (NiDO) Worldwide reaffirmed its strong commitment to Nigeria’s progress and national development on Friday in Abuja at the 2025 National Diaspora Day and Merit Awards celebration.

    This was said by the Coordinating Chairman of NiDO-Worldwide, Mr Chibuzo Ubochi, in a message to mark the day, themed: “Optimising Formidable Diaspora Potential for National Development and Growth.”

    The event, tagged “HYBRID,” is scheduled to hold from July 25 to 26 in Abuja.

    “Today, we join millions of Nigerians around the globe in celebrating Diaspora Day 2025, a day to honour the resilience, patriotism, and contributions of Nigerians living abroad.

    “This is not just a celebration. It is a reaffirmation of our commitment to nation-building and a reminder that wherever we live, Nigeria lives in us,” Ubochi said.

    Ubochi, who also chairs NiDO Europe, advocated for full civic inclusion, including the right of Nigerians in the diaspora to vote.

    “This is not just about fairness, it is about completing Nigeria’s democratic promise. We wear Nigeria in our hearts, and we are advocating for equal citizenship through diaspora voting,” he said.

    He commended the Federal Government under President Bola Tinubu for recognising the vital role of the diaspora in national development, noting that such acknowledgment gave visibility and honour to the decades of service rendered abroad in the name of Nigeria.

    Ubochi also expressed gratitude to the Nigerians in Diaspora Commission (NiDCOM) for its leadership, which he said had elevated the status and global relevance of Nigerians in the diaspora.

  • JAMB defends remittance of operating surplus

    JAMB defends remittance of operating surplus

    The Joint Admissions and Matriculation Board (JAMB) has vowed to continue its practice of remitting its operating surpluses to government, saying that the remittances were in line with global best practice, Dr Fabian Benjamin, Head, Public Affairs of JAMB has said.

    In a statement to newsmen in Abuja, on Monday, Benjamin said that the board would continue its practice of remitting the constitutionally-mandated proportion of its operational surpluses, in line with extant government’s directive on the remittances.

    According to him, it is a known fact that all unutilised funds by Ministries, Departments and Agencies (MDAs) should be returned to the public treasury.

    He said that the board and public-spirited Nigerians were, therefore, at a loss as to the reasons for the various campaigns of calumny mounted by some individuals who feel that these remittances should not be made.

    “The board reiterates that it is not within the powers of MDAs to determine the uses for which the remitted funds are put to.

    “Theirs is to comply with extant directive while those given the mandate to manage the national treasury have the responsibility of appropriating and channelling such remittances.

    “ This is in the overall interest of the public, to identify areas of need or rather whichever area of the national economy that they perceive to be in most need of resources,” he said.

    He added: “ It would be recalled that the humongous remittances are the first in the history of the four-decade-old agency.

    “The first landmark remittance was made in 2017 and the feat was repeated in subsequent years, in line with its belief that rules are made to be obeyed and, at any rate, the Board does not believe it should hold onto money that does not belong to it.

    “It might interest these armchair critics that a direct fallout of the remittances was the decision of the Federal Government to reduce the cost of the purchase of the e-pin from N5,000 to N3,500, the cheapest globally.

    “ It is a truism in policy making that certain trends should be observed over a period of time before policy pronouncements are made.”

    He explained that the decision to reduce the price of application documents was contingent upon the observation that even if the price were to be slashed, the board would be able to conduct its examination unhindered.

    “In addition, it might also interest the public to know that never in the history of tertiary institutions in Nigeria have the institutions benefited from the Board’s operations as they now do.

    “For instance, a huge chunk of these surpluses are ploughed back to the tertiary institutions through the National Tertiary Admissions Performance Merit Award and other platforms.

    “ Furthermore, many critical segments of the society, the intellectual community, the civil society groups, among others, have all been included in the management of the Board’s operational processes not only to add value to its service delivery but also to make for inclusiveness.

    “All these, which were hitherto impossible, had been made possible as a result of the prudent management of resources which has enabled the Board to prosecute these aspirations,” he added .

    He maintained that the cost of obtaining the Unified Tertiary Matriculation Examination( UTME) or the Direct Entry (DE) e-pin today is the lowest globally, saying that the comparison was not even with developed countries but rather with countries with less per capital income than Nigeria.

    Benjamin added that the low cost of obtaining the board’s application documents would be manifest if a comparison was made with similar examinations like IELTS where Nigerians pay as high as N80,000 to enrol.

    The public affairs manager said that the present management of the board was determined to continue on the path of giving value for money, even as it continued to seek ways of further pruning down the cost of conducting the Board’s flagship examination.

    He said once these innovative measures which had led to these surpluses were institutionalised, the Board would further look at how to enhance the registration process to benefit the candidates and the general public.

    “ In as much as the Board is desirous of charging rock-bottom prices for its services, it is also mindful of the fact that a non-existent fee regime would only give room for abuses and confusion.

    “ This is as unscrupulous or other unserious elements, who had ulterior motives for obtaining the forms, would want to obtain them to explore opportunities for prosecuting unacceptable acts.

    “As an illustration, the huge number of candidates registering for the examination multiple times before the introduction of NIN was partly owing to the fact that it costs them almost nothing, financial or punitive, to register many times.” Benjamin said.

    He, therefore, urged the citizens to be mindful of lightweights parading as educational experts who are hell-bent on propagating falsehood to further their miscellaneous ends.

  • Nigeria Diaspora remittances declined by 27.7% to $16.8bn – World Bank

    Nigeria Diaspora remittances declined by 27.7% to $16.8bn – World Bank

    Remittances by Nigerians in the Diaspora declined by 27.7 per cent in 2020, the World Bank has said.

    A report by the World Bank titled ‘Defying predictions, remittance flows remain strong during COVID-19 crisis’ said Nigeria contributed 40 per cent of the remittances into Sub-Saharan Africa.

    It put remittances to Sub-Saharan Africa at $42bn. Forty per cent contribution of Nigeria to this means that remittances to Nigeria was $16.8bn in 2020.

    A decline of 27.7 per cent also put remittances into the country in 2019 at $21.45bn.

    The report said remittances to Sub-Saharan Africa declined by an estimated 12.5 per cent due to a decline in the remittances to Nigeria that contributes the largest amount in the region.

    Nigeria has been having foreign exchange crisis resulting from decline in earnings from crude oil sale.

    Diaspora remittances is the second major source of foreign exchange for the country. Drying forex remittances recently pushed the Central Bank of Nigeria to offer an incentive of N5 for every dollar remitted through official channels.

    Differing exchange rates often push Nigerians in the diaspora to explore alternative ways of remitting money into the country so that they can enjoy higher value.

    The report stated that the decline in flows to Sub-Saharan Africa was almost entirely due to a 27.7 per cent decline in remittance flows to Nigeria.

    Excluding flows to Nigeria, it stated, remittances to Sub-Saharan Africa increased by 2.3 per cent, demonstrating resilience.

    Part of the report read, “Remittances to Sub-Saharan Africa declined by an estimated 12.5 per cent in 2020 to $42bn.

    “The decline was almost entirely due to a 27.7 per cent decline in remittance flows to Nigeria, which alone accounted for over 40 per cent of remittance flows to the region.

    “Excluding Nigeria, remittance flows to Sub-Saharan African increased by 2.3 per cent.

    “Remittance growth was reported in Zambia (37 per cent), Mozambique (16 per cent), Kenya (nine per cent) and Ghana (five per cent).”

    The report said in 2021, remittance flows to the region were projected to rise by 2.6 per cent, supported by improving prospects for growth in high-income countries.

    Data on remittance flows to Sub-Saharan Africa were sparse and of uneven quality, with some countries still using the outdated fourth IMF balance of payments manual, rather than the sixth, while several other countries did not report data at all, it stated.

    The World Bank said that high-frequency phone surveys in some countries reported decreases in remittances for a large percentage of households even while recorded remittances reported by official sources report increased in flows.

    The shift from informal to formal channels due to the closure of borders explained in part the increase in the volume of remittances recorded by central banks, it stated.

    On the remittance costs for Sub-Saharan Africa, the report said it remained the most expensive region to send money to, where sending $200 costs an average of 8.2 per cent in the fourth quarter of 2020.

    “Within the region, which experiences high intra-regional migration, it is expensive to send money from South Africa to Botswana (19.6 per cent), Zimbabwe (14 per cent), and to Malawi (16 per cent),” it stated.

    The report said the relatively strong performance of remittance flows during the COVID-19 crisis had also highlighted the importance of timely availability of data.

    Given its growing significance as a source of external financing for low and middle-income countries, there was a need for better collection of data on remittances in terms of frequency, timely reporting, and granularity by corridor and channel.

    It stated that the lead author of the report on migration and remittances and head of KNOMAD, Dilip Ratha, said, “The resilience of remittance flows is remarkable. Remittances are helping to meet families’ increased need for livelihood support.

    “They can no longer be treated as small change. The World Bank has been monitoring migration and remittance flows for nearly two decades, and we are working with governments and partners to produce timely data and make remittance flows even more productive.”

    Despite COVID-19, remittance flows remained resilient in 2020, registering a smaller decline than previously projected.

    Officially, recorded remittance flows to low and middle-income countries reached $540bn in 2020, just 1.6 per cent below the 2019 total of $548bn, according to the latest migration and development brief, the World Bank stated.

  • Coronavirus: World Bank forecasts historic sharp fall in remittances to Nigeria, others

    The World Bank said remittances will decline sharply by about 23.1 percent to sub-Nigeria and other Saharan African nations this year, due to the economic crisis induced by the COVID-19 pandemic and shutdown.

    Globally, a reduction of 20 per cent has been projected.

    The projected fall, which would be the sharpest decline in recent history, is largely due to a fall in the wages and employment of migrant workers.

    The migrants tend to be more vulnerable to loss of employment and wages during an economic crisis in a host country.

    Remittances to low and middle-income countries (LMICs) are projected to fall by 19.7 percent to $445 billion, representing a loss of a crucial financing lifeline for many vulnerable households.

    Remittance flows are expected to fall across all World Bank Group regions, most notably in Europe and Central Asia (27.5 percent).

    Sub-Saharan Africa will follow with 23.1 percent.

    Remittances to the region totalled $48 billion in 2018 and $57 billion last year.

    South Asia will have a cut of 22.1 percent, the Middle East and North Africa 19.6 percent, Latin America and the Caribbean 19.3 percent, and East Asia and the Pacific 13 percent.

    The large decline in remittances flows in 2020 comes after remittances to LMICs reached a record $554 billion in 2019.

    Even with the decline, remittance flows are expected to become even more important as a source of external financing for LMICs as the fall in foreign direct investment is expected to be larger (more than 35 percent).

    In 2019, remittance flows to LMICs became larger than FDI, an important milestone for monitoring resource flows to developing countries.

    The World Bank estimates that remittances to LMICs will recover next year and rise by 5.6 percent to $470 billion.

  • Diaspora remittances to Nigeria hit $24.3b in 2018

    Diaspora remittances to Nigeria hit $24.3b in 2018

    Diaspora remittances to Nigeria stood at $24.3 billion last year. It was the highest remittance to any country in sub-Saharan Africa and an increase of more than $2 billion compared to the previous year’s figure of $22.3 billion.

    According to the World Bank’s latest “Migration and Development Brief”, immigrants sent $46 billion to their home countries in sub-Saharan Africa last year, a 10 per cent jump in remittances in 2017.

    The growth in remittances was supported by strong economic conditions in high-income economies, the World Bank said.

    Remittances to sub-Saharan African countries last year contributed significantly to the Gross Domestic Product (GDP) of these nations.

    Looking at remittances as a share of the GDP, Comoros had the largest share, followed by the Gambia, Lesotho, Cape Verde, Liberia, Zimbabwe, Senegal, Togo, Ghana, and Nigeria, according to the Brief.

    Remittances to the Middle East and North Africa grew nine per cent to $62 billion in 2018. The growth was driven by Egypt’s rapid remittance growth of around 17 per cent.

    The Brief said: “Beyond 2018, the growth of remittances to the region is expected to continue, albeit at a slower pace of around three per cent in 2019 due to moderating growth in the Euro Area.”

    Remittances to low and middle-income countries also reached a record high last year. The bank estimates that officially recorded annual remittance flows to low- and middle-income countries reached $529 billion last year, an increase of 9.6 per cent over the previous record high of $483 billion in 2017.

    Global remittances, which include flows to high-income countries, reached $689 billion last year, up from $633 billion the year before.

    Such funds have become one of the most important external sources of finance for Africa over the years. Recent surveys state that most of the money migrant workers send home to sub-Saharan Africa is spent on education, health care, land, building houses, starting a business or improving farms.

    Research by Adams Bodomo of the University of Vienna argues that Diaspora remittance funds constitute a better alternative to Overseas Development Assistance (ODA) funds for the development of Africa for a number of reasons.

    He said: “The funds are less likely to be misspent as compared to the misappropriations and legendary inefficiencies in the foreign aid industry. Diaspora remittance funds, as gifts of love, are better focused on building the family and hence the nation.

    “The distribution of these Diaspora remittance funds is far more efficient than ODA funds since these monies go directly to paying school fees, building houses, and growing businesses.”

    As remittances make up a significant share of gross domestic product in African countries, they help boost the economies of the respective countries.

  • NNPC not sincere in oil revenue remittances — Governors’ Forum

    The Nigeria Governors Forum, NGF, has accused the Nigerian National Petroleum Corporation, NNPC, of shortchanging Nigerians in its remittances to the Federation Account for over five years.

    The Forum said at the time of high global oil prices that averaged $110 per barrel, NNPC’s remittances to the Federation Account did not reflect the high revenue earnings from oil exports.

    NGF Chairman and Governor of Zamfara State, Abdulaziz Yari, told State House correspondents on Friday that the issue was raised during a meeting with President Muhammadu Buhari at the Presidential Villa, Abuja.

    “The meeting is on the decision of the National Economic Council, NEC, that the seven-man committee was established to engage the NNPC and discuss a way forward, so that we can resolve outstanding issues, most especially on remittances to the Federation Account,” he said.

    Governor Yari said the committee was in the State House to brief the president on the outcome of its meeting with the NNPC on Wednesday to reconcile the records.

    He said one of the things the committee discussed with President was how NNPC was paying the Joint Venture cash call in four batches.

    “We have seen that what is being remitted to the Federation Account for the entire people of Nigeria is lower and what is being paid for the Cash Call Joint Venture is higher than what is going to the Federation Account,” Mr. Yari said.

    The governor said the NGF and the NEC were concerned about this and had to ask the committee to engage with the NNPC to discuss a way forward.

    “So the explanation of the NNPC on why the Federation Account is always low is because they are making dual payments, consisting the existing and the arrears of the cash call,” he said.

    He said the committee had during the meeting with the NNPC fine-tune how best to go about it and get partners to understand where they are.

    The governor said reconciliation of the records was important especially now that the country is slightly out of recession, and with oil prices picking up again.