Diaspora Nigerians send $22 billion home

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Diaspora Nigerians wired $22 billion home in 2017, an African record and the fifth largest remittance by immigrants, according to the World Bank.

Egypt received $20 billion from its citizens abroad, according to figures published by the bank today.

The World Bank said payments from immigrants back to their home countries rebounded to reach a new record in 2017 but the costs of transferring funds also increased.

The top remittance recipients were India with $69 billion, followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion),

Nigeria and Egypt followed.

“While remittances are growing, countries, institutions, and development agencies must continue to chip away at high costs of remitting so that families receive more of the money,” said Dilip Ratha, lead author of the report.

The bank calls on countries to take steps to simplify the process to reduce the costs, including “introducing more efficient technology.”

By region, Europe and Central Asia saw the biggest growth last year, jumping 21 percent, while Sub-Saharan Africa rose 11 percent.

East Asia and the Pacific saw the biggest inflows of $130 billion, as South Asia received $117 billion, followed by Latin America with $80 billion.

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