The remittance was sent while the country’s foreign investment intake remained uncertain due to a lack of foreign money, causing the naira to crash precipitously.
According to data from the World Bank and the Federation Budget Office, remittances from Nigeria’s diaspora have made a substantial contribution to mitigating the negative impacts of foreign exchange shortages and sustaining the country’s foreign exchange reserve.
According to the World Bank, remittances to Sub-Saharan Africa would increase by 5.2% to $53 billion in 2022, with Nigeria receiving the largest share.
Nigerians residing abroad sent home a total of $168.33 billion between 2015 and 2022, according to figures from the international bank.
A breakdown of the figures revealed that in 2015, the Diaspora remittance was $21.2 billion; it plummeted to $19.7 billion in 2016; and rose to $22bn in 2017.
It further stated that in 2018, it was $24.31 billion. It soon fell to $23.81 billion in 2019, and the pandemic caused it to fall to $17.21 billion in 2020. It came back stronger to $19.2 billion in 2021 and by 2022 the World Bank estimated that the inflows into the country had reached $20.9 billion.
Prior to 2020, Nigeria’s remittance inflows had only fallen below $20 billion once, when it fell to $19.7 billion in 2016. According to the World Bank, Diaspora remittance one of the top sources of non-oil foreign exchange for the country in 2022.