The Nation Newspaper

Tag: Diaspora remittances

  • How to raise Nigeria’s diaspora remittances to $100b, by experts

    How to raise Nigeria’s diaspora remittances to $100b, by experts

    Experts said Nigeria has potential to achieve $100 billion remittances annually if the right policies are implemented and investments sealed.

    Head of Research at Comercio Partners, Ifeanyi Uba, said Nigeria could potentially attract $100 billion in yearly remittances by investing in education, skills development, and exports, similar to India’s achievements.

    The Central Bank of Nigeria (CBN) had reported a significant rise in remittance inflows, reaching $553 million in July 2024 – an increase of 130 per cent from the same period in 2023, marking the highest monthly inflow on record.

    Uba said the ongoing surge in Diaspora remittances was due to  the CBN’s efforts to enhance liquidity in Nigeria’s foreign exchange market through policies such as licensing new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller forex model, and ensuring timely naira liquidity access for IMTOs.

     “The increase in remittances aligns with the CBN’s goal to double formal remittance receipts within a year and reflects the effectiveness of its strategies in boosting public confidence in the forex market and supporting economic stability,” he said.

    Managing Director, Afrinvest West Africa, Ike Chioke, said that based on the assessment of CBN’s historical data, the July remittance print is the highest inflow through the official channel in 11 months,  and represents a 130 per cent year-on-year surge over the corresponding period in 2023.

     “Given historical antecedent which shows that remittance is the second highest source of FX inflows into Nigeria, this growth in remittance if sustained, could bolster FX availability and by extension ease the lingering FX volatility,” he said.

    He added that from available data, the total direct inflows in the first five months grossed $841.4 million (January $138.6 million, February $39.1 million, March: $104.9 million, April: $193.3 million, May: $365.4 million) and sustained improvement have been recorded since the CBN intensified its reforms beginning from March.

    Recent policy adjustments appear to have positively impacted on market liquidity and some of these new measures include granting licenses to new International Money Transfer Operators (IMTOS), implementing a willing buyer-willing seller model, enabling timely access to naira liquidity for IMTOs and the encouragement of the use of digital channels for remittances.

    Other analysts explained that millions of migrants worldwide send billions of dollars in remittances each year to their families or communities of origin. In many developing countries, remittances are an important source of family and national income and also are the largest source of external financing.

    Read Also: Diaspora remittances hit highest record of $533m in July

    World Bank report said that remittances are better targeted at the needs of the poor than foreign aid or foreign direct investment (FDI), as recipients often depend on remittances to cover daily living expenses, to provide a cushion against emergencies, or to make small investments in business or education. Therefore, remittance services should be safe, efficient, and reliable.

    This can be achieved by increasing competition, enhancing access to payment system infrastructure, improving transparency, and ensuring a sound and predictable legal and regulatory framework.

    The CBN had last week reported a significant increase in diaspora remittance inflows to the economy, reaching $553 million in July.

    The figure, released on Tuesday by CBN Acting Director, Corporate Communications, Hakama Sidi Ali represents 130 per cent increase from the corresponding period in 2023.

    This figure represents the highest monthly total inflows on record and reflects ongoing efforts by the CBN to enhance liquidity in Nigeria’s foreign exchange market. The substantial growth in remittance receipts is attributable to policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market.

    These measures include granting licenses to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller model, and enabling timely access to naira liquidity for IMTOs.

    Diaspora remittances are a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments. The CBN’s initiatives have supported continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year.

    The increase in remittances is a strong testament to the success of the CBN’s ongoing efforts to bolster public confidence in the foreign exchange market, strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth.

  • Diaspora remittances hit highest record of $533m in July

    Diaspora remittances hit highest record of $533m in July

    • July inflows gains of apex bank’s reforms

    The Central Bank of Nigeria (CBN) has reported a significant increase in diaspora remittance inflows to the economy, reaching $553 million in July.

    The figure, released yesterday by Acting Director, Corporate Communications, Central Bank of Nigeria (CBN), Hakama Sidi Ali represented 130 per cent increase from the corresponding period in 2023.

    The apex bank stated that the figure represented the highest monthly total inflows on record and reflected ongoing efforts by the CBN to enhance liquidity in Nigeria’s foreign exchange (forex) market.

    According to CBN, the substantial growth in remittance receipts is attributable to policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market.

    Read Also: Tinubu appoints new leaderships for Digital Bridge Institute, NIGCOMSAT

    These measures include granting licenses to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller model, and enabling timely access to naira liquidity for IMTOs.

    Diaspora remittances are a crucial source of foreign exchange (forex) for Nigeria, supplementing both foreign direct investment and portfolio investments. The CBN’s initiatives have supported continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year.

    The increase in remittances is a strong testament to the success of the CBN’s ongoing efforts to bolster public confidence in the forex market, strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth.

    Recent data from the National Bureau of Statistics (NBS) revealed that Nigeria’s year-on- year headline inflation rate slowed in July 2024, for the first time in 19 months – a clear indication that the CBN’s monetary policy tightening measures are delivering results.

    The CBN anticipates that these measures will contribute to achieving its broader objective of maintaining stability in the foreign exchange market.

    The Bank will continue to monitor market conditions and adjust policies as necessary to enable greater remittance flows into Nigeria.

  • PwC: Diaspora remittances to hit $25.5b

    Nigerians in diaspora constitute a significant proportion of immigrants worldwide.

    According to the Federal Government, there are over 17 million Nigerians in the Diaspora.

    To underscore the importance of the Diaspora to the economy, leading audit firm PwC, in one of its latest reports, revealed that migrant remittances made up 77.2 per cent of last year’s government’s budget and more than 10 times the foreign direct investment (FDI) flows in the same period

    For 2017, World Bank data showed that $22 billion (about N7.9 trillion) was remitted, the highest in Africa.

    PwC’s latest White Paper Series, ‘’Strength from abroad: The economic power of Nigeria’s Diaspora’’, estimated that migrant remittances  could hit $25.5 billion, $29.8billion and $34.8billion in the year, 2021 and 2023.

    Over a 15-year period, PwC said it expected total remittance flows into the country to double from $18.37 billion in 2009 to $34.89 billion in 2023.

    PwC Partner/Chief Economist Dr. Andrew S. Nevin reportedly said the establishment of Nigerians in Diaspora Commission (NiDCOM) by the Federal Government showed that it recognised the importance of Nigerians in Diaspora.

    He suggested that the government should formulate and execute a strategy to maximise the benefits of the commission.

    Studies, according to him, show that 70 per cent of remittances is for consumption, while the balance go to investment-related uses.

    The Nation studies showed that though part of these remittances used on consumption goes for family upkeep and other needs, a large chunk of the cash is meant for residential development back home.

    Experts, however, believe that if the money is channelled through the established mortgage system, it would deepen the industry while  Nigerians in Diaspora would be able to access mortgages to own houses back home.

    In realisation of the important role Diaspora mortgages can play in deepening mortgage finance in Nigeria, the Federal Mortgage Bank of Nigeria (FMBN) in 2014 developed the Diaspora Mortgage Product targeted at Nigerians living abroad to give them an opportunity to participate and benefit from the National Housing Find (NHF) scheme. The loan window offers them mortgage loans to build or buy houses in Nigeria.

    To further deepen access to finance for residential housing development for Nigerians in Diaspora, the NiDCOM and the FMBN have joined forces to initiate a Diaspora mortgage programme where Nigerians in the Diaspora can have their homes without going through a third party.

    Speaking during a recent visit to FMBN by a team from NiDCOM led by its Chairman/CEO Abike Dabiri-Erewa, the CEO of the bank, Ahmed Musa Dangiwa, said the visit was timely as the bank was engaging Nigerians in the Diaspora on mortgage products developed for Nigerians living abroad.

    He said the bank had made presentations on Diaspora mortgages in the United Kingdom and the United States and had received positive responses and visits from the engagements abroad.

    He said: “Although the product has been fully developed, we invite you to feel free to make inputs as we will be happy to share from your wealth of experience in dealing with Nigerians in the Diaspora.”

    In her response, Mrs Dabiri-Erewa said the major challenge of an average Diasporan, after passport, is housing.

    She said the commission intended to partner the FMBN to develop a Diaspora mortgage programme in which Nigerians in the Diaspora can have their houses back home at a reasonable interest rate and without going through a third party.

  • Diaspora remittances and national development

    Like the reports that preceded it, the recently released 2018 “Migration and Development Brief” of the World Bank that tracks the remittances of immigrants in high and middle income countries of the world is an important document that the Nigerian government should be elated about because of its contribution to and enhancement of the country’s economic life. Just as in previous years, the report says that remittances to Nigeria by her citizens around the world was the highest in sub-Saharan Africa as it stood at $24.3 billion last year, compared to the 2017 figure of $22.3 billion, which means there was a net increase of $2 billion. According to the report, “immigrants sent $46 billion to their home countries in sub-Saharan Africa last year, a 10 percent jump in remittances in 2017”. The report also gives us a breakdown of those countries in sub-Saharan Africa whose remittances contributed significant percentages to their Gross Domestic Product (GDP). Comoros had the largest share, followed by the Gambia, Lesotho, Cape Verde, Liberia, Zimbabwe, Senegal, Togo, Ghana and Nigeria in that order.

    Before one attempts to point out the significance, if not the contribution of these remittances to national development (in the case of Nigeria), it is important to also attempt to identify other values/variables that are inherent in the World Bank report that makes it possible for individual remittances of citizens of these countries from far-flung corners of the world to be so compelling that they took noticeable chunks of their countries’ GDP. In the countries whose GDP are significantly affected by these remittances, at least three things may have emerged from the WB Brief. These are: immigrants from these countries are well educated, resourceful or industrious in their host countries for them to be able to command the incomes that leave some extras to send to their countries of origin. The populations of these immigrants in their host countries are significant and probably in proportion to the population of their home countries. And more importantly, their psycho-emotional attachment to their countries of origin is significantly higher than the world average.

    From the foregoing, and in the case of Nigeria whose developmental challenges are as big as her population and landmass, one would have thought that some carefully crafted, concerted, consistent, and specifically-targeted policies and programmes would have long been dedicated to her Diasporans (a huge resource pool waiting to be tapped) in her quest for economic growth and expansion. While the Buhari administration should be credited with the establishment of the Office of Diaspora and Foreign Affairs in the presidency for the first time in the country’s governance history under Hon. Abike Dabiri-Erewa, it should also be pointed out that whatever policies that are already in place may not be commensurate with tapping not only the resource endowments of her diasporic citizens, but may be inadequate to vigorously engage them in solving the developmental challenges in which they’ve acquired the right expertise in their host countries. And this…it seems to me…is the crux of the matter. With this dearth of policy objectives by Nigerian governments for their diasporic citizens, it will not only be difficult for them to internalize the urge for their country’s growth and development, but they will be unable to see themselves as critical partners in the developmental challenges of their country of origin.

    While it would have been much easier for the country’s sub-units (the states) to harvest the resource endowments of their diasporic indigenes under some broader policy objectives of the federal government for their own peculiar developmental challenges, the states should now decide if, and how to engage their diasporic indigenes as they cannot complain of being hamstrung or shackled by those ubiquitous federal government’s items on the exclusive legislative list.

    While it would be standing logic on its head to postulate that the arrival of $24.3 billion into the economy of any country, let alone Nigeria’s (and, quite appropriately the states because they are the final destinations where these remittances are expended) couldn’t have added any intrinsic value to the states or is significant enough to warrant the state governments’ attention, one cannot help but say that a very significant portion of these remittances would probably be considered by financial experts to have been ‘wasted’ if these remittances were to be placed under close scrutiny. This is because the effects that the remittances should have had on the states in meeting their developmental challenges, relative to the monies (which could well be higher than some states’ monthly federal allocations) that accrued to them from their indigenes in the Diaspora, may be very negligible due to their lack of inclusion and participation in their state’s development. Surveys have indicated that the remittances to Nigeria by her diasporic citizens are spent mostly on education of their wards and other loved ones, healthcare, business start-ups and maintenance, land purchases, and building (of non-revenue generating) houses that would eventually end up serving as not only the retirement homes of their owners, but subsequently as their grave sites.

    While it cannot be argued that what these remittances are used for, as in the case of the aforementioned, are in themselves social ‘goods’ in the states where they’re finally utilized, significant wastage would have been absent, or at least reduced to a minimum, if there are mechanisms to track the usage of these monies. What’s more; some of these remittances failed to have the desired effects due to the fraudulent behaviours of people to whom these monies are entrusted by their owners. This is where state governments…most of whose capacity utilization are not only very low and archaic, but also lacks the funds to spur socio-economic growths, should have come in as protectors of the economic interests of their diasporic indigenes through policies and programmes that will guide them aright. This would have been a win-win situation.

    But Ekiti State is now determined to make a difference by creating and nurturing mutually beneficial relationships with its diasporic communities in the pursuit of its developmental agenda. For someone who believes that a society can only realize its potential if its people are made the front, back and centre of every facet of its developmental aspiration, Governor John Kayode Fayemi is poised to engage Ekiti Diaspora (both within and without) towards the realization of his four/five pillars upon which reclaiming Ekiti land and restoring its values rests. For a people whose hope and trust in their leaders have always been dashed and shattered with reckless abandon by their leaders over time, it should not be gainsaid that the two major political capitals that have always been going for Governor Fayemi in his leadership trajectory are trust and integrity. These time-tested values will be leveraged with Ekiti Diaspora as it will also not only reflect in the policies of the administration for strategic partnerships with its diasporic indigenes as so much water has passed under the bridge, but their engagements in every facet of the state’s developmental aspiration will engender them to own a piece of Ekiti.

     

    • Odere is Senior Special Assistant to Ekiti State governor on Diaspora Affairs.

  • Diaspora remittances hit $24.3b

    Diaspora remittances to Nigeria stood at $24.3 billion last year. It was the highest remittance to any country in sub-Saharan Africa and an increase of more than $2 billion compared to the previous year’s figure of $22.3 billion.

    According to the World Bank’s latest “Migration and Development Brief”, immigrants sent $46 billion to their home countries in sub-Saharan Africa last year, a 10 per cent jump in remittances in 2017.

    The growth in remittances was supported by strong economic conditions in high-income economies, the World Bank said.

    Remittances to sub-Saharan African countries last year contributed significantly to the Gross Domestic Product (GDP) of these nations.

    Looking at remittances as a share of the GDP, Comoros had the largest share, followed by the Gambia, Lesotho, Cape Verde, Liberia, Zimbabwe, Senegal, Togo, Ghana, and Nigeria, according to the Brief.

    Remittances to the Middle East and North Africa grew nine per cent to $62 billion in 2018. The growth was driven by Egypt’s rapid remittance growth of around 17 per cent.

    The Brief said: “Beyond 2018, the growth of remittances to the region is expected to continue, albeit at a slower pace of around three per cent in 2019 due to moderating growth in the Euro Area.”

    Remittances to low and middle-income countries also reached a record high last year. The bank estimates that officially recorded annual remittance flows to low- and middle-income countries reached $529 billion last year, an increase of 9.6 per cent over the previous record high of $483 billion in 2017.

    Global remittances, which include flows to high-income countries, reached $689 billion last year, up from $633 billion the year before.

    Such funds have become one of the most important external sources of finance for Africa over the years. Recent surveys state that most of the money migrant workers send home to sub-Saharan Africa is spent on education, health care, land, building houses, starting a business or improving farms.

    Research by Adams Bodomo of the University of Vienna argues that Diaspora remittance funds constitute a better alternative to Overseas Development Assistance (ODA) funds for the development of Africa for a number of reasons.

    He said: “The funds are less likely to be misspent as compared to the misappropriations and legendary inefficiencies in the foreign aid industry. Diaspora remittance funds, as gifts of love, are better focused on building the family and hence the nation.

    “The distribution of these Diaspora remittance funds is far more efficient than ODA funds since these monies go directly to paying school fees, building houses, and growing businesses.”

    As remittances make up a significant share of gross domestic product in African countries, they help boost the economies of the respective countries.

  • Diaspora remittances to developing countries to exceed $6.5tr between 2015-2030

    THE International Fund for Agricultural Development (IFAD) has estimated that remittances sent to developing countries could cross $6.5 trillion between 2015 and 2030, involving over one billion senders and receivers.

    IFAD said in 2017, 200 million migrants sent 481 billion dollars to remittances-reliant countries of which 466 billion dollars went to developing countries, helping to sustain about 800 million people across the world.

    This amounts to more than three times the annual official development assistance that countries give in aid, the rural development agency said.

    Close to half of remittances will go to rural areas where poverty and hunger are the highest, according to IFAD.

    “Remittances are vital for millions of families, helping them to address their own development goals, but we can help them do more and build their longer-term future,” Gilbert Houngbo, President of IFAD said.

    According to IFAD analysis, families spend about 75 per cent of their remittances on basic needs such as food, housing, education and health.

    “Remittances help reduce hunger and malnutrition, improve education and health levels, and lift people out of poverty.

    “By doing so, remittances contribute directly to the Sustainable Development Goals set by the international community in 2015.

    “Not only are remittances a critical lifeline for millions globally, the direct benefits of money sent home by migrant workers touch the lives of one in every seven persons on the planet,” IFAD said.

    According to IFAD, after spending remittances on basic needs such as food, housing, education and health, a sizable amount – over 100 billion dollars, still remains.

    “This presents a large pool of resources, which can then be invested in financial and tangible assets such as savings or small business development that help families build their future.

    “These productive activities can also create jobs and transform economies, in particular in rural areas.

    “Given appropriate investment options,  customised to their circumstances and goals, remittance families will invest more and become agents of change in their communities,” IFAD  said.

     

  • Diaspora remittances to hit $35b yearly

    The implementation of the new flexible foreign exchange regime is expected to raise the annual Diaspora remittances from $21 billion to $35 billion, President, Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, has said.

    Speaking with The Nation, Gwadabe said with the new forex regime in place, many Nigerians in the Diaspora are likely to send home  more dollars to benefit from improved rate on the parallel market. “The new rates will be attractive to Nigerians in the Diaspora. We will continue to insist that the Diaspora funds should be managed by bureaux de change operators because such funds fall within the service end of the market,” he said.

    The World Bank Migration and Remittances Factbook 2016 showed that Nigerians living abroad sent home $20.8 billion in 2015. The figure is by far the largest volume of remittances to any country in Africa and the sixth largest in the world.

    “The United States is the biggest remittance sending country to Nigeria, followed by the United Kingdom. Nigerians will receive $5.7 billion in remittances sent from friends and family members in the US and $3.7 billion from the UK in 2015. Nigeria is also the third largest destination country for migrants from other African nations,” it said.

    It said a quarter of a billion people around the world are migrants, and over $600 billion in remittances are sent annually.

    The global lender said international remittances to developing countries reached over $441 billion in 2015, more than foreign direct investment and trice more than official aid flows.  It said 34 per cent of all international remittances are sent between developing countries.

    It disclosed that remittances constitute more than 10 per cent of Gross Domestic Product (GDP) for 25 countries. It insists that international remittances have been growing steadily and remain stable even during episodes of financial volatility.

     

  • Diaspora remittances rise by $900m

    Of the $21.9 billion remitted into the country last year, only 25 per cent of the funds passed through the banks, according to FBN Capital, an investments and research firm. In 2013, Diaspora remittances were $21 billion.

    Diaspora remittances are the second largest source of foreign exchange inflows into the country. The $21.9 billion shows an increase of $900 million in the $21 billion remitted in 2013.

    Analysts at FBN Capital said Diaspora remittances through banks would remain low until bank accounts become more widespread and the tax net made more effective.

    Head, Markets at FBN Capital, Olubunmi Ashaolu, said: “The remittance may be received by the beneficiary through a bank, at a bureau de change, at the local office of the money transfer corporation or through independent channels such as a mobile telephone. Some informed estimates place the share received through the banks as low as 25 per cent of the total.’’

    The transfers, he said, could, to give just three destination points, finance housing construction, seasonal celebrations and/or import demand.

    He said workers’ remittances accounted for more than 90 per cent of transfers, and that the balance consisted of general government transactions, such as local expenses of embassies and international organisations.

    Ashaolu said the data do not show a marked fall-off in transfers in 2008 and 2009 when the global credit event shook at least two of the countries where the Nigerian Diaspora is well represented.

    He said the transfers represented 3.7 per cent of Nigeria’s 2014 Gross Domestic Product and merely adds to the grey areas in household consumption, imports and small-scale production.

  • ‘Diaspora remittances hit N10.35tr’

    ‘Diaspora remittances hit N10.35tr’

    The Nigerians in Diaspora Organisation (NIDO) yesterday said its members remitted about $63.17 billion (about N10.35 trillion) into the country between 2011 and June, last year.

    Its  Chairman, Board of Trustees, Dr George Manuwuike, stated this in Abuja during a news conference on the Diaspora Day 2015 scheduled to hold between July 23 and  27 in Abuja.

    Manuwuike said the Diaspora remittance was second only to oil and gas revenue as the highest foreign exchange injection to the economy.

    He said: “As the umbrella organisation of Diaspora Nigerians, we are proud to associate with the phenomenal amount that Nigerians living abroad have been bringing to the national economy.

    “Recently, the World Bank reported that between 2011 to June 2014, Nigerians in the Diaspora had remitted about 63.17 billion dollars (N10.35 trillion) into the country.

    “In terms of remittance from her citizens living abroad, Nigeria was ranked five globally next to China, India, Philippines and Mexico.”

    The chairman said NIDO, since its inception in 2000 had served as forum for Nigerian Diaspora networking and advocacy.

    He said it had organised tens of trade and investment conferences that brought together Nigerians and foreign investors for dialogue opportunities for technological, educational, industrial and other forms of investment in Nigeria and others.

    He said NIDO intended to reverse and convert the “brain-drain” the country had suffered for so long into “‘brain-gain”.

    “NIDO plans to ramp up its engagement in Nigeria to ensure that its mission and goals are achieved, and impact of its actions are felt by both government and the Nigerian masses.

    “It is for this and other purposes that a structure of NIDO has recently been registered here in Abuja as a non -governmental organisation.

    “We believed that this action will instil confidence in NIDO as a partner with all our citizens and government at all levels,” he said.

    He said the organisation wanted to use this year Diaspora Day to raise funds for a number of projects that were proposed for the benefit of Nigerian people.

    According to him, key among the projects are multi-million naira Diagnostic and Trauma Centre, and Boko Haram Victims Rehabilitation Fund to assist victims of terrorism and minimise the trauma experienced by survivors.

    He said this would be done through facilitating access to proper medical and psychological treatment through the Diaspora Liaison Office in Abuja.

  • ‘Diaspora remittances’ growth to slow’

    ‘Diaspora remittances’ growth to slow’

    Diaspora remittances which have been deployed largely by developing countries to build infrastructure, are expected to slow sharply this year,  the World Bank has said.

    The bank which made this known in Washington DC this week, is attributing the slow growth in global remittances, including those to developing countries, to weak economic growth in Europe, the deterioration of the Russian economy as well as their respective currencies – the euro and ruble.

    Also,the International Bank for Reconstruction and Development (IBRD), named Nigeria along with four others, among countries that would be affected by this development.

    The bank said going by the data at its disposal, remittances to developing world are expected to reach $440 billion this year, representing an increase of 0.9 per cent over the previous year.

    “Global remittances, including those to high income countries, are projected to grow by 0.4 per cent to $586 billion,”  it said, adding that this year’s remittance growth rates are the slowest since the global financial crisis of 2008/09.

    It said the slowdown in the growth of remittances this year will affect most developing regions, especially in Europe and Central Asia where flows are expected to decline by 12.7 per cent this year.

    However, the global lender said the impact of the economic recovery in the United States (U.S), will be partially offset by continued weakness in the Euro Area, the impact of lower oil prices on the Russian economy, the strengthening of the U.S dollar, and tighter immigration controls in many remittance source countries.

    “In line with the expected global economic recovery next year, the global flows of remittances are expected to accelerate by 4.1 per cent in 2016, to reach an estimated $610 billion, rising to $636 billion in 2017,”the bank said, adding that remittance flows to developing countries are expected to recover next year to reach $459 billion, rising to $479 billion the following year.

    It named the U.S, Saudi Arabia, Germany, Russia and the United Arab Emirates (UAE), as top five migrant destination countries, while Nigeria, along with India, China, The  Philippines and  Mexico  have  attained the reputation  of being among the top five remittance recipient countries, in terms of the value of remittances.

    Its Chief Economist and Senior Vice President, Kaushik Basu, said: “Total remittances in 2014 reached $583 billion. This is more than double the ODA in the world. India received $70 billion, China $64 billion, the Philippines $28 billion. With new thinking these mega flows can be leveraged to finance development and infrastructure projects.”