REVEALED: Nigerians Sent Home $21 billion In 2014

World Bank Data Shows Nigerians Sent Home $21 bn

In 2014 Nigerians abroad earned and sent home the sum ten times exceeding the planned government loan from World Bank in 2015. See amazing World Bank data on remittances. 

Nigerians working abroad sent home a hefty sum of $21 billion in 2014. Photo:littlegatepublishing.com

The World Bank issued a statement confirming that last year hard-working Nigerians living abroad sent home

to their dear relatives and friends inside Nigeria a colossal sum – $21 billion, or N4.2 trillion. It’s nearly two-thirds of all the money transferred to Sub-Saharan Africa.
Nigerian diaspora earned and sent home ten times more money in 2014 than government of Nigeria wants to loan from the World Bank itself in 2015.
Remittance flow from Nigerians abroad is crucial for financing imports to Nigeria. According to the World Bank data, it financed more than third of all imports in 2013.

Several African countries are highly dependent on remittances.
Source: The World Bank.

The World Bank officials expect that remittances from Nigerians abroad will be also critical for keeping afloat domestic economic activity in Nigeria due to expected continuing

decline of its credit rating. Nigeria is likely to benefit from diaspora financing, in response to an increase of the proposed diaspora bond issuance from $100 million to $300 million.
It is expected some slowing of money transfers to the region in 2015. it will increase again in 2016 and 2017.