Nigeria Tops In Remittance Of Financial Inflows In Africa

An expert in Economics, and a senior lecturer at the Federal University, Wukari in Taraba State, Dr Godwin Okeh, says Nigeria takes the lead among other African countries in remittance of financial inflows.
Okeh ,who disclosed this in a chat with The Tide in Port Harcourt, shortly before leaving the state, recently, also posited that Nigeria was among the top five countries in the world in remittance of financial inflows.
According to him, statistics have shown that remittance of financial inflows contributes substantially to foreign exchange earnings and household finances in most developing countries.
“Money sent home by migrant workers is among the major financial inflows to developing countries, and in some cases it exceeds international aids and grants.
“From the World Bank record, global remittances have risen gradually over the years to about  $713 billion as at December 2019, of which African countries had received $82 billion”, he said.
The Economist said that Nigeria in recent times had taken measures aimed at attracting financial inflows to the country, thus contributing to its economic development.
Some of the measures, he said, include the floating of $300 million diaspora bond by the Federal Government, and the introduction of electronic certificate of capital implementation to Nigerians in diaspora.
He said that Nigeria becoming a member of the International Association of Money Transfer Network was also one of the measures taken.
Okeh, however, noted that a large number of remittances passed through informal channels, thereby leaving some unrecorded.
“I think that a large chunk of migrant remittances pass through informal channels and are unrecorded. Nigeria is yet to conduct a household based remittances survey to provide scientific estimates of these informal inflows”, he said.

By: Corlins Walter