Diaspora Nigerians working across the world have collectively remitted $208.81 billion in one decade.
Data from StatiSense, a data hub, shows that Nigerians living abroad have sent the remittances between 2014 and 2023.
WikkiTimes’ analysis of the data revealed that the annual inflow within the period indicates that, despite economic headwinds, including the COVID-19 pandemic and fluctuations in foreign exchange, remittances by family members have remained a reliable financial lifeline for millions in Nigeria.
The remittances also contribute to solving the perennial forex crisis in the country.
According to the Breakdown, 2018 and 2019 have shown the highest remittances of $24.31 billion and $23.81 billion, respectively.
The data showed that 2020 had the lowest remittance of $17.21 billion, which was likely caused by the COVID-19 pandemic that affected the global economy.
Other years’ remittances include $21.00 billion sent home in 2014, $20.63 billion in 2015, $19.70 billion in 2016, while in 2017, $22.04 billion were remitted home, respectively.
In 2019, $23.81 billion was received in the country. $19.48 billion in 2021, while $20.13 billion and $20.50 billion are for 2022 and 2023.
However, the true scale of transactions occurs through informal channels that are not captured in official data, suggesting that not all remittances are being documented.
These inflows have often contributed significantly to Nigeria’s gross domestic product (GDP). According to experts, remittances are primarily used for family support, education, healthcare, housing, and small business investments.
