Nigerian Diaspora sends money to Nigeria from around the world and is the strength of the nation. A large number is living and working in the United States, UK, Germany, Italy, Spain and other European countries. As a US study appeared, Nigerians in Canada are one of the most influential educated migration groups. Because of the constantly developing and exceptionally enterprising Nigerian Diaspora, the nation is gradually getting one of the top beneficiaries of settlements on the planet. Yet, the settlement market is as however advancing. The country encourages the advancement and straightforwardness it needs while building up a sound money transfer system.
What Does Make Nigeria The Number One African Country For Remittances?
The best suitable way to improve the living of families that Nigerian expats often do is money transfer to Nigeria for their loved ones’ prosperity. The inflow of capital into the country that World Bank reports described remained at US$ 25.08 billion and represented 5.74% of its GDP in 2018.
How Many Nigerians Are Living Abroad?
The biggest Nigerian Diaspora people group is in the US with around 400,000, followed by the UK with more than 200,000. We should note that Nigeria is the third biggest Commonwealth country with its population, and English is the primary language in the country.
How Remittance From Diaspora Help To Strengthen The Economy?
A study led to see how this money is used when expats transfer money to Nigeria. Well, 70% of the assets are utilized for daily consumption purposes. Interestingly, the equilibrium of 30% is usually invested, further energizing the economy. This pattern is expected to fill soon. Also, as indicated by a PwC report, the development of settlements to Nigeria is relied upon to increase to US$29.8 billion and US$34.8 billion every 2021, and by 2023, individually.
Money transfers to Nigeria and other sub-Saharan Africa have been increased in coming years, as indicated by the World Bank. The country’s development is required to proceed, which can support export in the region.
A considerable portion of Nigerians intends to leave their nations to look for promising jobs somewhere else. For this purpose, their prime priority is to settle in developing countries like the United Kingdom, Germany, Italy, France, Spain, etc. The currency difference is one of the reasons they provide a better living for their families. Many of them even settle in developing countries and also support their loved ones to settle with them.