Nigeria Received $19bn Remittances In 2016 – Report

Foreign currency transfers by Nigerians in oversees hit $19 billion in 2016, data from the World Bank has revealed.

The reports shows that Nigeria was the largest receiver of diaspora funds in the sub Saharan Africa.

Facts available indicate that this source of revenue was becoming as popular as earnings from the oil and gas sector.

Citizens living in foreign countries across Europe and America were major sources of the diaspora funds.

Back home, the diaspora funds helped several families to set up micro businesses.

To facilitate diaspora funds, the Central Bank of Nigeria licensed eleven more money transfers companies in 2016.