The World Bank on Monday revealed that Nigerians living in the Diaspora repatriated $22 billion home in 2017, making it among the highest, and the fifth largest remittance by immigrants.
Egypt received $20 billion from its citizens abroad, according to figures published by the bank today.
The World Bank said payments from immigrants back to their home countries rebounded to reach a new record in 2017 but the costs of transferring funds also increased.
The stronger-than-expected recovery in remittances — payments that are key to supporting the economies of many poor countries — was driven by growth in Europe, Russia and the United States, the World Bank said in a report.
The News Agency of Nigeria reports that the bank estimates that officially recorded remittances to low- and middle-income countries reached $466 billion in 2017, an increase of 8.5 percent over $429 billion in 2016. They are expected to increase by about four percent this year.
Remittance inflows improved in all regions. The top remittance recipients were India with $69 billion, followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion), Nigeria and Egypt followed.
The global average cost of sending $200 was 7.1 percent in the first quarter of 2018, and sub-Saharan Africa remains the most expensive place to send money to, where the average cost is 9.4 percent.
“While remittances are growing, countries, institutions, and development agencies must continue to chip away at high costs of remitting so that families receive more of the money,” said lead author of the report, Dilip Ratha.
The bank calls on countries to take steps to simplify the process to reduce the costs, including “introducing more efficient technology.”
By region, Europe and Central Asia saw the biggest growth last year, jumping 21 per cent, while Sub-Saharan Africa rose 11 per cent.
East Asia and the Pacific saw the biggest inflows of $130 billion, as South Asia received $117 billion, followed by Latin America with $80 billion.