Why Remittances to Nigeria on a Rise?

Do you know it is easier to send money to Nigeria from any developing country?

Well, Nigeria is the leading and most developed state in the continent of Africa. It has by far the most educated and high-income citizens working in almost every country in the world, including the UK, the USA, Italy, Spain etc.

It is the highest receiver of remittances in Africa, and people from abroad send payments in an orderly fashion to help the growth of their families and loved ones.

What is Global Economic Growth And High Income?

The global economic growth and high income of OECD countries are a huge factor in increasing the state’s remittances.

According to research, the recipients usually spend 70% of the transferred funds for meeting their household expenses while the rest of the 30% is used for business/investment or saving purposes.

It also explains how the state went towards business development by using the income from remittances.

According to PCW reports, the remittance in Nigeria is believed to grow up to 29.8$ billion in 2021 and 34.28$ Billion till 2023.

From all the contributing states, the united states are considered one of the major hub for working in Nigeria. The USA solely is accountable for remitting 30% of the total payments.

Why Sending Money to Nigeria is a Growing Trend?

Over the last 6 years, almost 17 million Nigerians are recorded to have sent money to Nigeria in one way or another. It shows a 14% uptick in the preceding report of 2014.

The foreign income also managed to meet 83% of the federal government’s budget. It has also played a vital role in decreasing the poverty rate of the state.

Nigerians Often Work Hard to Help their Families Back Home!

It goes without saying that Nigerians have worked hard to change their financial and economic status. Now, Nigeria is recognized as one of the best countries for educational purposes in Africa, thanks to the remittance industry! Money transfer to Nigeria is common from developing countries.

In 2018, 5.74% of Nigeria’s annual GDP was made by remittances and its not a small deal.

Money transfer companies are also actively present in the state due to a high flow of payment transfers. One can easily send or receive payments in the state.

The online money transfer is the most-used mode in the African continent, given that people with smartphones are much more in ratio than those with commercial bank accounts.

Why Choose ACE Money Transfer To Send money to Nigeria?

ACE Money Transfer is a developed organization with its network in more than 93 countries, covering the three major continents of the world.

You can send money globally by using this platform at the cheapest possible rates. They promise you the lowest fee and highest returns against your payments.

Using their portal or downloading our transfer app, you can send money to Nigeria online within a few seconds only. The shipment facility enables you to check the transfer’s status at any given hour.

Thus protecting you from any post-transfer anxiety! For more information, visit their website or download their app!