Remittance Inflows To Nigeria Dropped By 28% Last Year – World Bank

The World Bank has come out to say that remittance inflows to Nigeria declined by 28 per cent in 2020 because of COVID-19 pandemic.

The bank recently revealed this via its Migration and Development Brief 33 Phase 11 entitled: “COVID-19 Crisis Through a Migration Lens.”

According to the report, remittance flows fell for Sub-Saharan Africa by 12.5 per cent, and the decline in remittance flows to Nigeria was largely responsible for the fall in remittance flows to Sub-Saharan Africa.

World Bank added that the resilience of remittance flows is remarkable because remittances are helping to meet families’ increased need for livelihood support.

It read, “The decline in flows to Sub-Saharan Africa was almost entirely due to a 28 per cent decline in remittance flows to Nigeria.”

“Excluding flows to Nigeria, remittances to Sub-Saharan Africa increased by 2.3 per cent, demonstrating resilience.”

“The resilience of remittance flows is remarkable. Remittances are helping to meet families’ increased need for livelihood support.”

“They can no longer be treated as small change.”

“The World Bank has been monitoring migration and remittance flows for nearly two decades, and we are working with governments and partners to produce timely data and make remittance flows even more productive.”