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W’Bank Projects $2bn Drop in Nigeria’s Diaspora Remittances

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The World Bank has predicted that inflow of Diaspora remittance to Nigeria will drop by $2 billion in 2020 to $21.7 billion as against the $23.8 billion the country recorded in 2019.

The World Bank in a report hinged the decline in remittances from Nigerians living abroad on an account of the double whammy of the COVID-19 pandemic and the attendant economic crisis that has continued to spread.

However, another report from the National Bureau of Statistics (NBS) showed that the federal government generated a total sum of N424.71 billion from Value Added Tax (VAT) in the third quarter of the year (Q3 2020) compared to N327.20 billion in Q2 as well as N275.12 billion in Q3 2019.

Globally, the bank also anticipated that the amount of money migrant workers send home would decline by 14 per cent by 2021, compared to the pre-COVID-19 levels in 2019.

The Washington-based institution stated this in the 40-page,
‘Migration and Development Brief 33,’ it released yesterday.

It stated: “Remittances are helping to address the impact on African households. Nigeria remains the largest recipient of remittances in the region and is the seventh largest recipient among LMICs, with projected remittances to decline to around $21.7 billion, a more than $2 billion drop compared with 2019.”

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Akinola
Akinola
Akinola Olusegun is a blogger and publisher of this blog, money247.com.ng. You can also check out his other blogs : segtv.com.ng (videos & news), letgoonline.com.ng (e-commerce), letgoonline.com.ng/blog (news) among others. Follow him via any or all of his social media pages to get fresh posts update.
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