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Diaspora Nigerians Contribute $22bn To Economy In 2017 | The Precision

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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
stronger-than-expected recovery in remittances — payments that are key
to supporting the economies of many poor countries — was driven by
growth in Europe, Russia and the United States, the World Bank said in a
report.
The
bank estimates that officially recorded remittances to low- and
middle-income countries reached $466 billion in 2017, an increase of 8.5
percent over $429 billion in 2016. They are expected to increase by
about four percent this year.
Remittance
inflows improved in all regions. 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.
The
global average cost of sending $200 was 7.1 percent in the first
quarter of 2018, and sub-Saharan Africa remains the most expensive place
to send money to, where the average cost is 9.4 percent.
“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. (NAN)

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