Nigerians Remit the Most Money From Uk in 2017 – WorldBank

• Nigerians Remit the Most Money From Uk in 2017 – WorldBank

Nigerians send the most money from the United Kingdom in 2017, according to a report released by the World Bank.

The report ranked Nigeria as the largest remittance recipient in sub-Saharan Africa and the sixth largest amongst lower-middle income nations.

Nigerians living in the United Kingdom remitted a total of £3.27 million back home in 2017.

“Nigeria, the largest remittance recipient country in sub-Saharan Africa and the sixth largest among LMICs, is expected to receive more than $25 billion in official remittances by the end of 2018, an increase of more than $3 billion compared with the previous year,” the report read.

“Remittances to sub-Saharan Africa are estimated to grow by 9.8 per cent from $41 billion in 2017 to $45 billion in 2018. Projections indicate that remittances to the region will keep increasing, but at a lower rate, to $47 billion by 2019.”

“The upward trend observed since 2016 is explained by strong economic conditions in the high-income economies where many sub-Saharan African migrants earn their income.”

Cost of sending money to sub-Saharan Africa dropped slightly, according to the Bretton Wood institutions.

“The average cost of sending $200 to the sub-Saharan Africa region slightly decreased, averaging 8.9 per cent in 2018 Q3, the lowest cost ever registered in the region.

“A declining trend has been observed in remittance costs in the region since the beginning of 2018, but this average remains far above the global average of 6.9 per cent and the SDG target of three per cent by 2030.”