Nigeria's Diasporas And Why the Remittance Can Help
Just the official channel: "According to a report by the World Bank, Africa’s most populous nation Nigeria, accounted for the highest remittance flow into sub-Saharan Africa in 2022. Remittance flow into the region reached $53 billion, and Nigeria accounted for 38% ($20.1 billion), followed by Ghana and Kenya with $4.7 and $4.1 billion respectively."
If you include the modern remittance with no cross-border transfer (case in point: you need $1,000 to pay a Chinese merchant and I need Naira equivalent in Nigeria, I help you send USD to the Chinese and you credit my Naira account in a local bank; tech does this via peer with escrow implemented), that $20.1 billion becomes a huge number, well larger than Nigeria's annual budget!
I think Nigeria needs to pay attention to the diaspora community. We possibly have the solution we’re looking for elsewhere!
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