There are strong indications that migrant remittances to Nigeria estimated by PwC may exceed $34.8billion.
The consultancy firm estimated that migrant remittances to Nigeria could grow from $25.5 billion in 2019 to $34.8billion this year.
Diaspora remittances are the highest source of foreign exchange (forex) to Nigeria and contribute more to Nigeria’s gross domestic product (GDP) than oil and more than 11 times than the Foreign Direct Investment (FDI).
In the last five years, an average of 15,000 Nigerians, troop out of the country daily to better their earnings, standard of living, as well as for official and personal commitment.
The number of emigrants has grown significantly, particularly to countries such as the United Kingdom, Canada, the United States, Germany, and others.
United Kingdom Immigration’s report indicated that Nigeria had the highest number of migrants to the UK in June last year.
It noted that Nigerian immigrants to the UK rose by 686 per cent from 8,384 in 2019 to 65,929 as of June 2022, the highest percentage growth in the top 5 countries through study visa.
Since 2015, diaspora remittances have outstripped oil revenues in Nigeria.
According to the World Bank, Nigeria remains in the lead as the highest recipient of remittance in Sub-Saharan Africa during 2022, followed by Kenya, Ghana and Senegal. According to the World Bank, remittances in Sub-Saharan Africa grew an estimated 5.2 per cent to $53-billion last year, compared with 16.4 per cent in 2021.
Commonwealth of Dominica, is already advising Nigerians are relocating to invest locally, while abroad. The Country currently offers Citizenship by Investment (CBI) Programmes globally. According to it, Nigerian investors have the advantage of using the Dominican banks to manage international transfers and business needs. This notwithstanding, the Central Bank of Nigeria (CBN) pegged total direct remittances for 2022 at $2.16 billion, a decline of 11.18 per cent from the previous year.
The apex bank in its “International payment” data disclosed that the country recorded $2.43billion in total direct remittances in 2021, amounting to 11.18 per cent decline when compared to 2022 remittances.
