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Diaspora Remittances Hit $34bn as Nigerian Migrant Workers Top List

This Day, Nigeria, 29 August 2021 - The Naira4Dollar policy of the Central Bank of Nigeria (CBN) may have begun to yield dividends as remittances from Nigerians in the Diaspora now stand at an average of $34 billion annually, THISDAY has learnt.

This translates to an increase of $9 billion from the previous record of $25 billion per annum.

A renowned economist and Chief Consultant at B. Adedipe Associates Limited, Dr. Biodun Adedipe, who revealed this to THISDAY, noted that Nigeria was occupying the number one position on the list of nations with the largest number of migrant workers, which makes it outstanding in remittances from foreign countries. This he pointed out, was according to a study done by Bloomberg, early this year.

“There was a study done by Bloomberg Economist, it was published February this year. In that global chart, there were only about three to five countries that were outstanding when it came to migrant workers.

“Nigeria, they put as number one, our country came first, followed by Pakistan, then Canada. But in terms of five outstanding countries, in addition to the three stated earlier, we had the USA, Australia, and Vietnam.

“What they showed there in that study was, for the countries that benefit from migrant workers, Nigeria is on the side of those that have many migrant workers in the rest of the world, and therefore make remittances home.

“The estimated remittance from the various study and review of literature is that the remittance by Nigerians in the diaspora is an average of $34 billion annually. Now if you look at that study also, the map of the world is what they used there to summarise it. The summary indicates that, if Nigeria can manage that remittance effectively, it will add 0.4 per cent to our GDP growth annually. That is very significant,” said Adedipe, who has been working as a professional economist for over 41 years.



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