In the last eight years, the Nigerian Diaspora has sent $168.33 billion to Nigeria, according to data compiled by our correspondents from World Bank publications.
This is due to the country’s fluctuating foreign investment inflow during the time under review, which led to a shortage of foreign currency and the subsequent free depreciation of the naira.
Remittances from Nigeria’s diaspora have been a major factor in reducing the effects of currency shortage and maintaining the nation’s foreign exchange reserve, according to data from the World Bank and Budget Office of the Federation.
Remittances to sub-Saharan Africa increased by 5.2 percent to $53 billion in 2022, according to the World Bank, with Nigeria receiving the highest portion.