Nigerians in the diaspora contributed $77.06 billion to the economy in five years

Nigerians in the diaspora contributed $77.06 billion (about N23.5 trillion) to the Nigerian economy.

The remittance was made over a five year period including 2005, 2007, 2008, 2012 and 2013, a report published by the International Organisation for Migration (IOM) reads.

“Nigeria is the largest recipient of remittances in Sub-Saharan Africa with receipts of approximately 65 per cent of officially recorded remittances into the region and two per cent of global flows.”

The report suggests that “ Strategies should be developed to encourage Nigerians in the diaspora to invest remittances through efficient formal channels at low transfer cost, as well as to encourage senders and recipients to invest part of their savings”.

Source: Guardian

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