The Central Bank of Nigeria (CBN) on Tuesday disclosed that Nigeria ranked among the top five countries globally which received about $613 billion in remittances in 2017.
The governor of the CBN, Mr. Godwin Emefiele, while quoting a World Bank report on remittances in 2017, said that Nigerians in the Diaspora and other African nationals remitted $72 billion home last year.
Emefiele gave this hint in his address delivered at the opening of the workshop on Remittance Household Surveys, in Abuja.
Represented at the event by the apex bank’s Director, Statistics Department, Dr. Mohammed Tumala, the governor enthused that Nigerians in the Diaspora were enthusiastic in remitting funds to the country and by so doing, placing Nigeria on the top of remittances raking in the region.
He explained: “Remittances inflows contribute substantially to foreign exchange earnings and household finances in most developing economies. Money sent home by migrant workers is among the major financial inflows to developing countries and in some cases, it exceeds international aids and grants.
“According to the World Bank, global remittances have risen gradually over the years to about $613 billion in 2017, of which $72 billion was received by African countries. As a recipient country, Nigeria tops African countries and is also ranked among the top five globally”, Emefiele added.
Impressed by the rate of remittances by Nigerians in the Diaspora, the governor said that the monetary authorities had taken steps to attract more remittances inflow in view of the contributions of remittances to the nation’s economic development.
He explained further the floating of the $300 million Diaspora Bond by the Federal Government was one of such deliberate steps taken to encourage Nigerians in the Diaspora to remit funds home.
Other measures he listed as also intended to improve remittances by Nigerians in the Diaspora were the introduction of electronic Certificate of Capital Importation to Nigerians in the Diaspora and the Nigeria’s membership of the International Association of Money Transfer Networks.
According to him, previous data on remittances in the country are based on bank records as well as staff estimates, both of which he described as a “methodology with limitations.”
The banker expressed optimism that the Household- based Remittances Survey would provide a more-accurate data for the purpose of calculating funds sent home by Diaspora Nigerians.
Emefiele confirmed that the CBN had solicited the technical assistance of the African Institute for Remittances and the World Bank to conduct a Remittances Household Survey in Nigeria and help in the establishment of a remittances legal framework for the country.
In his remarks, the Deputy Director of Statistics of the CBN, Mr. Emmanuel Olowofeso, said that the bank was collaborating with the National Bureau of Statistics (NBS) and the National Population Commission (NPC), for the purposes of conducting a Remittances Household Survey nationwide in the first quarter of 2019.
