A report published by the World Bank has revealed that the Nigerian Diaspora community remitted $168.33bn to the country in the past eight years, indicating strongly that the Nigerian economy is sustained by these remittances.
The report also showed that foreign investments inflow into the country fluctuated over the period under review and caused 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 key role in assuaging the impact 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 percent to $53bn, with Nigeria getting the largest share.
The data from the global bank revealed that between 2015 and 2022, a total of $168.33bn was sent home by Nigerians in the Diaspora.