2021 Nigeria Diaspora Remittance Report Survey

Agusto Consulting has released the 2021 Nigeria Diaspora Remittance Report & Survey. Nigeria has over $21 billion annually in inflows from diaspora remittances, making it the second-largest recipient of remittances on the continent, only after Egypt. The remittances from the Nigerian diaspora have become a major mainstay of the country’s economy. At the macro level, diaspora remittances represent the second-largest source of foreign exchange inflow into the country, second only to crude oil earnings.

The survey estimates and defines remittances to Nigeria in terms of value, transmission channels, and seasonal patterns among others. While the primary focus of the survey was on remittances, we also covered pertinent issues around migration and its impact on diaspora remittances. In the report, we have also initiated coverage on the major Money Transfer Operators (MTOs) in Nigeria. This coverage includes the views of respondents.

The following insights have been extensively discussed in the report:

• An overview of the Global and African Diaspora Remittance Market
• An economic overview of the Nigerian Diaspora Remittance Market
• A deep dive into key findings derived from interactions with the survey respondents
  • Preferred Remittance Channels (both formal and informal)
  • Remittance Frequency
  • Reasons for sending money into Nigeria
• Focus Group Discussions with respondents in Canada, the United Kingdom, and the United States of America
• Profile of the major Money Transfer Operators

The report also covers the impact of Covid-19 on the remittances and evolutions in consumer