With about $21 billion sent home by
Nigerians in diaspora in 2015, the country
is the sixth largest receiver of remittances
in the world, the Migration of Remittance
Factbook 2016 has shown.
The country is also by far the largest
receiver of remittances in sub-Saharan
Africa, receiving a total of $34.8 billion
this year.
The report, which relied on data gathered
from January to December 1, 2015, was
compiled by the Global Knowledge
Partnership on Migration and
Development with support from the
World Bank, German, Swedish and Swiss
governments.
An analysis of the report by PREMIUM
TIMES also shows that the United States
and the United Kingdom are by far the
most lucrative destinations for Nigerian
migrants. Nigerians at home received a
total of $9.4 billion ($5.7 billion from the
US and $3.7 billion from the UK) from
both countries in 2015.
According to the report, the U.S. is the
top remittance-sending country in the
world. A total of $56.3 billion was sent
out of the US to other parts of the world.
The second largest remittance-sending
country is Saudi Arabia with $36.9 billion
followed by Russia ($32.6 billion),
Switzerland ($24.7billion) and Germany
($20.8 billion).
The report also shows that the cost of
sending money within Africa is the second
most expensive in the world (the most
expensive being the cost of sending
money between Australia to the South
Pacific country of Vanuatu).
For every $200 remitted from South
Africa to Zambia, senders are charged 19
per cent. The cost is 17.4 per cent to
send the same amount from South Africa-
Botswana and 17.3 per cent from
Tanzania to Uganda.
In comparison, it cost just 0.6 per cent to
send the same amount of money from
Saudi Arabia to Nepal and 3.1 per cent
from the United Arab Emirate to
anywhere in the world.
Migration
According to the report, Nigeria is the
third most preferred destination for
migrants in Africa after South Africa and
Ivory Coast.
Nigeria is the fifth emigration country in
the continent behind Somalia, Burkina
Faso, Sudan and Democratic Republic of
Congo.
The report observed that 2.5 per cent
(23.2 million) of the total population of
sub-Saharan Africa are migrants.
The study showed that Africa is by far the
choicest destination for African migrants.
84.6 per cent of African migrants are
living within the region.
While 4.2 per cent African migrants are
found in high-income countries such as
the US and in the European Union.
The top 10 migrant destinations in the
world, the report revealed, are the US
(46.1 million), Saudi Arabia (14.6 million),
Germany (11.1 million), Russia (11
million), United Arab Emirate (8 million),
UK (7.8 million), France (7.5 million),
Canada (7.4 million), Spain (6.6 million)
and Australia (6.5 million).
