Do you know how Nigerians send money to Nigeria from abroad? Nigerians can be found in nearly every country on the planet. Nigerians can be found in large numbers in the United States and the United Kingdom, followed by South Africa, the United Arab Emirates, and other European countries such as Italy and Spain. Nigerians in the United Kingdom are one of the most trained migration communities, according to a recent survey.
Nigeria is gradually becoming one of the top remittance receivers globally, thanks to an ever-growing and highly entrepreneurial Nigerian Diaspora. However, the remittance industry, as well as regulations, are still changing as the country fosters creativity and accountability while building a sound payment ecosystem. Nigerians’ close family ties also suggest that they send significantly more remittances than other migrant communities.
Why Highly Educated Nigerian Depart To Developed Countries?
Most of the Nigerians migrate to transfer money to Nigeria as their hard-earned money to support the family. Almost all Nigerians are well aware that every chance to emigrate to greener pastures will be seized. Thousands of young Nigerians have migrated to Europe, East Africa, and, most prominently, Canada in the last two years, accelerating the migration. Unfortunately for our economic sectors, many of these graduates are experts in banking, technology, and pharmacy, implying that Nigeria is losing a significant number of its brightest young people.
However, we will make up for lost creativity and human resources with remittances from overseas. Nigerians who live abroad usually remit (send) money to friends and family back home. The Diaspora online money transfer to Nigeria was $22 billion in 2017, according to the World Bank, which is equal to our overall crude oil earnings. In essence, Nigeria receives the same amount of money from its Diaspora as it does from crude oil, its primary source of revenue.
How Has Latest Technology Increased The Flow Of Remittance?
In the past, technical and regulatory frictions confirmed that a significant portion of migrant remittances passed through unrecorded informal networks. While this has improved significantly, further simplifying the process of investment repatriation by removing roadblocks could boost remittance inflows and encourage Diaspora to send money to Nigeria online for investment. Sending money from abroad is still prohibitively expensive, particularly in Sub-Saharan Africa, and emerging technology like Blockchain and the growth of the domestic FinTech landscape is hoped to help reduce costs.