fbpx
Business NewsNews

World Bank: $49b remittances to Nigeria, others driven by US, Europe economies

According to a report by Thenationonlining, the World Bank said the increase in remittances to Nigeria and other emerging markets was fueled by strong economic activity in Europe and the United States.Information Guide Nigeria

Remittances to Nigeria and other sub-Saharan African countries increased 14.1% last year, after he fell 8.1% last year, he said, reaching $49 billion.

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

The World Bank’s latest migration and development letter says the recorded influx shows Nigeria to be the largest recipient country in the region.

Other Top Stories:

The country rose 11.2%, partly due to measures aimed at directing inflows through the banking system.

As per the report, Remittance growth was supported by strong economic activity in Europe and the US. The report forecasts that remittance inflows will grow by 7.1% over the year, driven by a continued shift towards the use of official channels in Nigeria and higher food prices. At the price of staples.

$200 shipping costs to the region averaged 7.8% in the fourth quarter of last year, down slightly from his 8.2% a year earlier.

Recorded remittance flows to low- and middle-income countries (LMICs) are expected to rise 4.2% this year to reach $630 billion, according to the bank. This follows last year’s near-record recovery of 8.6%.

Remittances to Ukraine, the largest recipient in Europe and Central Asia, are expected to grow by more than 20% this year. However, remittance flows to many Central Asian countries, whose main source is Russia, could drop dramatically. These declines, combined with higher food, fertilizer, and oil prices, could increase food security risks and exacerbate poverty in many of these countries.

“The Russian invasion of Ukraine has triggered large-scale humanitarian, migration and refugee crises and risks for a global economy that is still dealing with the impact of the COVID pandemic,” said Michal Rutkowski, the Global Director, Social Protection and Jobs Global Practice, World Bank.

“Boosting social protection programmes to protect the most vulnerable, including Ukrainians and families in Central Asia, as well as those affected by the war’s economic impact, is a key priority to protect people from the threats of food insecurity and rising poverty.”JAMB Result

Check and Confirm: How much is Dollar to Naira today  Pounds to Naira today

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

 

👇👇👇👇👇

Information is Power!

Don’t miss any valuable information or opportunity that can change your life, business, and family positively and permanently.

👇👇👇👇👇

Click here to subscribe!

For Latest updates on News, Scholarships, Jobs & Business Ideas, and Other Opportunities.

👍Advertise your business on InfoGuideNigeria.com!

From just N9,999 per month, you can advertise your products and services to over 1,500,000 monthly users on our website. Click here to read more.

 

 

Copyright Warning!

Contents on this website may not be republished, reproduced, or redistributed either in whole or in part without due permission or acknowledgment.
.
Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,.
.
All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).

.


The images, except where otherwise indicated, are taken directly from the web, if some images were inserted by mistake violating the copyright, please contact the administrator for immediate removal.

.
We publish all content with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us  for immediate removal.

🤑 Start Making Money from home today!

👉 Get the correct FREE FOOTBALL PREDICTION TIPS and Guides today. Click here

.

🤑 Make Money now!

👉 Make money writing for us. Apply for Freelance writing jobs in Nigeria.

👉 Make Money as InfoGuideNigeria Advertising Agents, read more here

.

Happiness Eshiet

In order to overcome fear, your dream must become bigger than fear. I'm a content creator, a news writer, I also create original sport article. Do you like my writing, or you want me to write for you? Just send me a Mail- [email protected] or [email protected]

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button

It looks like you're using an ad blocker!

This website InfoGuideNigeria.com is maintained by the advertising revenue and we noticed you have ad-blocking enabled. Please disable Ad-Blocker