Nigerians living abroad, who remitted $21 billion home last year, rank among citizens of the top five countries that remitted about $530 billion to their countries in 2012, showing a tremendous increase from the previous year. In the latest ranking by the World Bank, India led the pack, followed by China, Philippines, Mexico and Nigeria in the fifth position.
Figures show that India and China received $60 billion from their citizens abroad, Philippines ($24 billion), Mexico ($24 billion), and Nigeria ($21 billion). Others who also joined the top 10 include Egypt, the sixth largest, with about $18 billion remittance last year, indicating an astronomical surge from $9 billion in 2008. It is believed that the surge is perhaps driven by increased support by migrants to their families in the face of political uncertainty or savings brought by returning migrants.
The remittances of $530 billion last year by the migrants outstripped the World Bank’s projection for the period, which were expected to reach $406 billion in 2012, a growth of 6.5 per cent over the previous year. These flows are expected to rise to 8 per cent in 2013 and 10 per cent in 2014 to reach $534 billion in 2015.