Nigerians abroad remitted N400bn home in one year - World Bank

By Our Reporter - 07.04.2008

NIGERIANS abroad in 2007 remitted $3.3 billion (about N400 billion) to the country, the highest in sub-Saharan Africa, a World Bank report has said. The report, entitled “Migration and Remittances Factbook 2008,” provides snapshots of statistics on migration, recorded remittances flows and skilled emigration for 194 countries and 13 regional income groups.

Inward remittances for all developing countries stood at $10.3 billion in 2006 and $10.8 billion in 2007, accounting for less than two per cent of their average Gross Domestic Product (GDP).

In the report, Kenya was the second highest recipient of remittances in 2007 with $1.3 billion, up from the $1.1 billion that the country received in 2006. [Read more]