Nigeria's 130% Remittance Increase: Policy-oriented or by Chance?
Gideon Asare
Lead Research Analyst at Agpaytech Ltd - UK: Researching on emerging technologies, digital banking, FinTech, payment systems, regulations, remittance, etc.) & Scientific Research.
??What Attributes to Nigeria's Highest Remittance Inflows of US$553m
?? ????: Nigeria's 2024 population is estimated at 232,679,478 people?at mid-year. Moreover, data from the International Organisation for Migration (IOM) puts the population of #Nigerians in the #diaspora at about?17 million as of 2024.
?? Perhaps, the largest diaspora community in #Africa.
But, it comes with increased #remittance inflows and #investment boost to the country ??
?? #Nigeria continues to demonstrate its economic resilience as it recorded an impressive US$553 million in #remittance inflows for July 2024, marking the highest monthly inflow this year.
??The $553m represents a 130% increase from the corresponding period in 2023.
?? This remarkable achievement reflects the crucial role of the Nigerian #diaspora in supporting the nation's economy. With remittances serving as a significant source of foreign exchange and financial stability, this milestone highlights the strength of the bonds that connect Nigerians across the globe.
? What contributes to remittance growth in Nigeria?
This achievement comes as a result of policy-oriented strategies that the Central Bank of Nigeria has been implementing in recent years, including;
? CBN flexible policies that enhance liquidity in Nigeria's foreign exchange market.
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? Granting licenses to new IMTOs
? Implementing a willing buyer-willing seller model
? Enabling timely access to naira liquidity for IMTOs.
? Let’s celebrate this achievement and continue exploring ways to harness remittances' full potential for sustainable economic growth! ????
What do you think contributed to the 130% increased remittance inflows in Nigeria?
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