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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.

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

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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

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