Nigeria Tops remittance inflows in Africa

Recently during the opening session of a workshop on remittance survey arranged by the Central Bank of Nigeria and the African Institute for Remittances (AIR) in Abuja, The CBN Governor, Mr. Godwin Emiefele who was represented by the Director Statistics Department, Mr. Mohammed Tumala who was also represented by Mr Emmanuel Olowofeso, of the CBN Statistics Department, said that in 2017, African countries received about $72 billion in remittance and that Nigeria tops the list of remittance inflows in Africa and also ranked among the top five in the World.

While speaking, he acknowledged that remittance inflows contribute greatly to foreign exchange earnings and household finances in Nigeria and other developing countries.

“A major means of getting financially inflows for most developing countries is through the money received from migrant workers, it sometimes also comes from foreign aids and grants”

“The World Bank reported that in recent times, the amount of remittances received globally had increased to about $613 Billion, out of this amount, $72 Billion came from African countries”

While speaking, he acknowledged that remittance inflows contributes greatly to foreign exchange earnings and household finances in Nigeria and other developing countries.

He also said that in recent times, Nigeria has taken certain actions to attract the flow of remittances into the country and to also improve it’s current economic state.

Some of these actions taken are the introduction of electronic Certificate of Capital Importation and the drifting of about $300 Million bond by the Federal Government for Nigerian citizens living outside the country. Also included was Nigeria joining the International Association of Money Transfer Networks.

Also, he mentioned that the assembling of remittance inflow stats of the country are done using both certain bank records and staff appraisal of casual inflows. This procedure also earlier experienced difficulties.

“Some migrant remittances are not duly recorded because they are received through unorganized mediums”

“Correct estimates of these inflows cannot be ascertained as the Country is yet to carry out a much needed household remittance survey”

“Also, there is equally some discordance in data received from bank records as a result of differences in grouping by the various organizations involved”

The CBN governor aforementioned that this was the major reason why there is a need to seek for technical help in collecting information on the remittance inflows.

According to the CBN Governor, the workshop being opened will eventually enhance the remittances transactions in Nigeria and also improve the worth of reported data on remittances in Nigeria’s balance of payments.

He believes that with the collective support from AIR, National Bureau of Statistics and the National Population Commission, structures needed for carrying out a planned remittance household survey in 2019 is currently becoming a possibility.