An international agency's report has said that Nigerians in diaspora remitted $18.97 billion (N5.97 trillion) in 2016, The agency said the money were those sent to Nigeria by migrant workers . It said the money is a figure which indicates a 5.2% growth in the past nine years
An international agency's report has said that Nigerians in diaspora remitted $18.97 billion (N5.97 trillion) in 2016.
In its report titled "Sending Money Home: Contributing to the SDGs, One Family at a Time", the International Fund for Agricultural Development (IFAD) said the money were those sent to Nigeria by migrant workers.
The agency said the money is a figure which indicates a 5.2% growth in the past nine years.
IFAD also said global migrant workers sent back to their countries summed up $445 billion in 2016, there by dragging millions out of poverty.
The agency also said that about 200 million migrants send the monies home to support over 800 million family members globally.
"Global remittances to developing countries increased by 51%, while the number of migrants from these same countries increased by 28% and the populations of those countries of origin increased by only 13%," the report says.
It also said that women also comprise of the numbers up to half of all the remittance made.
However, among top sending countries including those from the United States of America, Saudi Arabia and Russia.
The report also said up to 80% of the remittance are received by 23 countries through cash-cash method, mobile phone networks, internet-based tools and digital money.
"There is no single globally-integrated remittance market. Instead, there is a “loose network” of hundreds of individual corridors linking sending and receiving countries.
"The average cost of sending remittances is now at 7.45%, a measurable decrease from 9.8 % since 2008. However, transaction costs have remained essentially flat over the past few years and are unacceptably high in many low-volume corridors.
"By reducing average costs to below 3% globally, remittance families would save an additional US$20 billion annually. The lowest transfer costs (below 2%) are from the Russian Federation to Central Asian States, taking advantage of the former Soviet Union’s integrated payment system.
"The highest are both to and within the African continent, particularly from South Africa (about 14.6%)," the report added.