Nigeria, Oct 31, 2016 – The International Organisation of Migration has said that Nigerians in the Diaspora remitted a total of $77.06 million in five years.
The figures which were published in the National Migration Policy report of 2015 said the funds were the cumulative sum remitted in 2005, 2007, 2008, 2012 and 2013.
“The total volume of remittances transferred globally to developing countries far exceeds Overseas Development Assistance [ODA]. 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, quoting statistics from the Central Bank of Nigeria (CBN).”
According to the report, 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.
“Preferential interest rates on savings and opportunities for direct foreign investments for commercial entrepreneurial and other productive activities by the diaspora and the recipients of remittances should be encouraged,’’ the IOM report said.
