Nigerians Abroad Sent $21Billion Home In 2015

With about $21 billion sent home by Nigerians in diaspora
in 2015, the country is the sixth largest receiver of
remittances in the world, the Migration of Remittance
Factbook 2016 has shown.
The country is also by far the largest receiver of
remittances in sub-Saharan Africa, receiving a total of $
34.8 billion this year.
The report, which relied on data gathered from January to
December 1, 2015, was compiled by the Global Knowledge
Partnership on Migration and Development with support
from the World Bank, German, Swedish and Swiss
governments.
An analysis of the report by PREMIUM TIMES also shows
that the United States and the United Kingdom are by far
the most lucrative destinations for Nigerian migrants.
Nigerians at home received a total of $9.4 billion ($5.7
billion from the US and $3.7 billion from the UK) from
both countries in 2015.
According to the report, the U.S. is the top remittance-
sending country in the world. A total of $56.3 billion was
sent out of the US to other parts of the world. The second
largest remittance-sending country is Saudi Arabia with $
36.9 billion followed by Russia ($32.6 billion), Switzerland
($24.7billion) and Germany ($20.8 billion).
The report also shows that the cost of sending money
within Africa is the second most expensive in the world
(the most expensive being the cost of sending money
between Australia to the South Pacific country of Vanuatu)
.
For every $200 remitted from South Africa to Zambia,
senders are charged 19 per cent. The cost is 17.4 per cent
to send the same amount from South Africa- Botswana
and 17.3 per cent from Tanzania to Uganda.
In comparison, it cost just 0.6 per cent to send the same
amount of money from Saudi Arabia to Nepal and 3.1 per
cent from the United Arab Emirate to anywhere in the
world.
Migration
According to the report, Nigeria is the third most preferred
destination for migrants in Africa after South Africa and
Ivory Coast.
Nigeria is the fifth emigration country in the continent
behind Somalia, Burkina Faso, Sudan and Democratic
Republic of Congo.
The report observed that 2.5 per cent (23.2 million) of the
total population of sub-Saharan Africa are migrants.
The study showed that Africa is by far the choicest
destination for African migrants. 84.6 per cent of African
migrants are living within the region.
While 4.2 per cent African migrants are found in high-
income countries such as the US and in the European
Union.
The top 10 migrant destinations in the world, the report
revealed, are the US (46.1 million), Saudi Arabia (14.6
million), Germany (11.1 million), Russia (11 million),
United Arab Emirate (8 million), UK (7.8 million), France
(7.5 million), Canada (7.4 million), Spain (6.6 million) and
Australia (6.5 million).
http://www.premiumtimesng.com/news/top-news/195633-
remittance-nigerians-in-diaspora-sent-home-21-billion-
in-2015.html