• Privacy Policy
  • Terms
  • About us
  • Contact Us
Tuesday, July 5, 2022
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Remittance inflows to Nigeria drop by 28% in 2020 – World Bank

The Matters Press by The Matters Press
May 14, 2021
Reading Time: 3 mins read
0
Swiss Bank expects profit of $50bn

RELATED POSTS

Dangote sugar begins production in Nasarawa soon

Guinness plans expansion, inaugurate water recovery plant

Dangote cement kicks off ‘bag of goodies 3’ promo

Loveth Okoli
The World Bank has reported that remittance inflows to Nigeria declined by 28 per cent in 2020 because of COVID-19 pandemic.

The Bank also said remittance flows to Sub-Saharan Africa dropped by 12.5 per cent.

According to World Bank’s Migration and Development Brief 33 Phase 11 entitled: “COVID-19 Crisis Through a Migration Lens’’ published on Thursday,
the decline in remittance flows to Nigeria was largely responsible for the fall in remittance flows to Sub-Saharan Africa.

“The decline in flows to Sub-Saharan Africa was almost entirely due to a 28 per cent decline in remittance flows to Nigeria.

“Excluding flows to Nigeria, remittances to Sub-Saharan Africa increased by 2.3 per cent, demonstrating resilience,’’ the report stated.

According to the report, the relatively strong performance of remittance flows during the COVID-19 crisis has also highlighted the importance of timely availability of data.

It stated that given its growing significance as a source of external financing for low- and middle-income countries, there was need for better collection of data on remittances.

ALSO READ  Tinubu speaks on crisis in APC, supports dissolution of NWC

It emphasised that there was need for better collection of data on remittances, in terms of frequency, timely reporting, and granularity by corridor and channel.

The report quoted Dilip Ratha, lead author of the report on migration and remittances, as saying “the resilience of remittance flows is remarkable. Remittances are helping to meet families’ increased need for livelihood support.

“They can no longer be treated as small change.

“The World Bank has been monitoring migration and remittance flows for nearly two decades, and we are working with governments and partners to produce timely data and make remittance flows even more productive.”

With global growth expected to rebound further in 2021 and 2022, however, remittance flows to low- and middle- income countries are expected to increase by 2.6 per cent to 553 billion dollars in 2021 and by 2.2 per cent to 565 billion dollars in 2022.

The report stated that global average cost of sending 200 dollars remained high at 6.5 per cent in the fourth quarter of 2020, more than double the Sustainable Development Goal target of three per cent.

ALSO READ  Nigeria backpedals on visa fee for U.S

It stated that Sub-Saharan Africa continued to have the highest average cost (8.2 per cent) adding, supporting the remittance infrastructure and keeping remittances flowing includes efforts to lower fees.

In addition, it stated that the decline in recorded remittance flows in 2020 was smaller than the one during the 2009 global financial crisis (4.8 per cent).

It was also far lower than the fall in Foreign Direct Investment (FDI) flows to low- and middle-income countries, which, excluding flows to China fell by over 30 per cent in 2020.

As a result, remittance flows to low- and middle-income countries surpassed the sum of FDI (259 dollars billion) and overseas development assistance (179 dollars billion) in 2020.

The main drivers for the steady flow included fiscal stimulus that resulted in better-than-expected economic conditions in host countries, a shift in flows from cash to digital and from informal to formal channels, and cyclical movements in oil prices and currency exchange rates.

The true size of remittances, which includes formal and informal flows, is believed to be larger than officially reported data, though the extent of the impact of COVID-19 on informal flows is unclear.

ALSO READ  AfDB woos investors for 42 bankable deals

“As COVID-19 still devastates families around the world, remittances continue to provide a critical lifeline for the poor and vulnerable,” said Michal Rutkowski, Global Director of the Social Protection and Jobs Global Practice at the World Bank.

“Supportive policy responses, together with national social protection systems, should continue to be inclusive of all communities, including migrants.”

In addition, it stated that the relatively strong performance of remittance flows during the COVID-19 crisis had also highlighted the importance of timely availability of data.

“Given its growing significance as a source of external financing for low- and middle-income countries, there is a need for better collection of data on remittances, in terms of frequency, timely reporting, and granularity by corridor and channel’’.

The World Bank is assisting member states in monitoring the flow of remittances through various channels, the costs and convenience of sending money, and regulations to protect financial integrity that affect remittance flows.

It is working with the G20 countries and the global community to reduce remittance costs and improve financial inclusion for the poor.

Tags: InflowsRemittance
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Buhari inaugurates $73m fund to boost Sugar production
Business

Dangote sugar begins production in Nasarawa soon

July 5, 2022
Guinness brewery in Aba hit by fire
Business

Guinness plans expansion, inaugurate water recovery plant

July 5, 2022
Dangote Cement commences Tranche II share buyback
Business

Dangote cement kicks off ‘bag of goodies 3’ promo

July 5, 2022
Buhari underscores the opportunities in a single African air transport
Business

Aviation minister stresses need for private investment to ensure efficiency

July 5, 2022
Nigeria has not taken decision yet on fuel subsidy
Economy

LCCI calls for fuel subsidy removal, increased refining

July 5, 2022
DMO opens offer for 4th N250bn Sukuk fund
Economy

DMO lists N250bn Sovereign Sukuk on NSE, FMDQ

July 5, 2022
Next Post
Boko Haram disputes Prophet Muhammed’s birthday

Is Shekau, deadly Boko Haram’s leader dead?

Chief of Army Staff, others die in plane crash in Kaduna

Chief of Army Staff, others die in plane crash in Kaduna

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Stable petrol supply excites Buhari

Petroleum law opens investment opportunities in Nigeria

December 9, 2021
SEC frowns at resurgence of Ponzi schemes

SEC frowns at resurgence of Ponzi schemes

November 25, 2021
Trading in Nigerian stock market dips further N83bn

Stock market gains N8.15bn in bullish trading

June 30, 2022

Popular Stories

  • 79 candidates for presidential election

    INEC wants to make you rich, bid for new jobs

    0 shares
    Share 0 Tweet 0
  • Universities approved to operate distance learning centres

    0 shares
    Share 0 Tweet 0
  • Highest score in Common entrance, NECO unveils placement policy

    0 shares
    Share 0 Tweet 0
  • IMF’s reasons for Nigeria’s economic recovery

    0 shares
    Share 0 Tweet 0
  • Missing fighter jet found dead

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Dangote sugar begins production in Nasarawa soon
  • Guinness plans expansion, inaugurate water recovery plant
  • Dangote cement kicks off ‘bag of goodies 3’ promo

Categories

  • Agriculture
  • Business
  • Economy
  • Entertainment, Religion
  • Features
  • Foreign
  • Health
  • Multimedia
  • Natural Resources
  • News
  • Opinion
  • Photo
  • Politics
  • Security
  • Special News
  • Sports
  • Technology
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?