A World Bank report has revealed that the Nigerian Diaspora community remitted $168.33 billion to the country in the past eight years.
The remittance was made even as the foreign investments inflow into the country remained unstable during those years caused by a scarcity of foreign currency which has since led to the free fall of the naira.
According to data from the World Bank and Budget Office of the Federation, Nigeria’s Diaspora remittances have played a huge contribution in cushioning the adverse effects of foreign exchange scarcity and keeping the country’s forex reserve afloat.
In 2022, the World Bank stated that remittances flow to sub-Saharan Africa grew by 5.2 per cent to $53 billion, with Nigeria getting the largest share.
The figures from the global bank revealed that between 2015 and 2022, a total of $168.33 billion was sent home by Nigerians in the Diaspora.
