Remittances have grown to become a significant source of external financing for most low and middle-income countries (LMICs), playing an increasingly important role in their economies. In 2020, remittance flows to LMICs exceeded the flow of foreign direct investments (FDI) and overseas development assistance to LMICs (excluding flows to China) and served as a major lifeline to these vulnerable economies as they grappled with the adverse effects of the COVID-19 pandemic. Global remittance flows, which increased by 5% to $831 billion in 2022, are expected to grow by a more modest 1% to $840 billion in 2023. The anticipated moderation is hinged on the elevated cost of living in several advanced economies, including the United States of America (USA), the United Kingdom (UK), and the Eurozone, which accounted for almost half of global outward remittances in 2022.
The steady inflow of funds from the Nigerian diaspora reflects the strong bond between the diaspora community and their home country, fostering economic stability and contributing to economic development. The increasing importance of remittances in supporting the country’s reserves has necessitated a better understanding of the dynamics of remittance flows into Nigeria. The Nigeria Diaspora Remittances report and survey covers a detailed review and analysis of remittances to Nigeria including:
We believe the information, analyses, and opinions contained in the report will prove indispensable to: