- The official inflow of migrant remittances into Nigeria in 2018 is estimated at USD22Bn (source). The estimate for 2019 is about USD25Bn
- To put this in context, this is about 7% of Nigeria’s GDP.
- The transfer from NNPC to the Government was a little less than the USD11Bn in 2018.
- This means that the Diaspora is providing more than double the FX to Nigeria than our oil provides to all levels of governments.
- In fact, this understates the amount, because the $25Bn is the official remittance flow. The AfDB has a rough estimate that unofficial flows (like the Aboki system) are about 50% of official remittances.
- If this applied to Nigeria, it would mean that remittances would be close to USD40Bn and more than 3 times the USD the government receives from oil
[pdf-embedder url=”https://nidcom.gov.ng/wp-content/uploads/2020/01/the-economic-power-of-nigerias-diaspora.pdf”]