Nigeria accounts for over a third of migrant remittance flows to Sub-Saharan Africa.
A report released by PwC, titled ‘Strength from Abroad: The Economic Power of Nigeria’s diaspora’ revealed that migrants remittances were 77.2percent of the federal government budget in 2018 and more than 10 times the FDI flows in the same period.
According to PwC, Nigeria and Egypt account for the largest inflows of remittances into Africa in 2018. In 2017, Nigeria led the Continent in terms of remittance receipts but dropped to second place behind Egypt in 2018.
The report estimates that migrant remittances to Nigeria could grow to $25.5bn, $29.8bn and $34.8bn in 2019, 2021 and 2023 respectively.
“Over a 15-year period, PwC expects total remittance flows to Nigeria could grow by almost double in size from $18.37 billion in 2009 to $34.89 billion in 2023,” the report said.
Details soon…
