World Bank to Disburse $22 Billion into Nigeria through the 2017 Diaspora Remittances

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Image: SBS

A schema from the stables of the World Bank has projected the flow of $22 billion into Nigeria through the 2017 Diaspora remittances as a contribution to the country’s growth and development.

The World Bank has also decided to reinstate the flow of global remittance into Nigeria’s revenue depot which had suffered two consecutive years of decline.

This information was documented in the latest edition of the World Bank’s Migration and Development Brief, released, recently.

“Remittances to low- and middle-income countries are on course to recover in 2017 after two consecutive years of decline.”

“Buoyed by improved economic activity in high-income OECD countries, remittances to Sub-Saharan Africa are projected to grow by a robust 10 percent to $38 billion this year. The region’s major remittance receiving countries, Nigeria, Senegal, and Ghana are all set for growth. The region is also host to a number of countries where remittances account for a significant share of GDP, including Liberia (26 percent), Comoros (21 percent), and the Gambia (20 percent). Remittances will grow by a moderate 3.8 percent to $39 billion in 2018,” stated in the report.