Nigerians abroad remitted N400bn home in one year – World Bank

No Comments » April 7th, 2008 posted by // Categories: Nigerians in the Diaspora



 

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Nigerians abroad remitted N400bn home in one year – World Bank

By Our Reporter – 07.04.2008

NIGERIANS abroad in 2007 remitted $3.3 billion (about N400 billion) to the country, the highest in sub-Saharan Africa, a World Bank report has said. The report, entitled “Migration and Remittances Factbook 2008,” provides snapshots of statistics on migration, recorded remittances flows and skilled emigration for 194 countries and 13 regional income groups.

Inward remittances for all developing countries stood at $10.3 billion in 2006 and $10.8 billion in 2007, accounting for less than two per cent of their average Gross Domestic Product (GDP).

In the report, Kenya was the second highest recipient of remittances in 2007 with $1.3 billion, up from the $1.1 billion that the country received in 2006.

Other recipients in the top 10 were Sudan with $1.2 billion, Senegal and Uganda with $0.9 billion each, South Africa $0.7 billion, Lesotho $0.4 billion, Mauritius $0.2 billion, Togo $0.2 billion and Mali $0.2 billion.

A statement from the World Bank said that for 2007, recorded remittances worldwide were estimated at $318 billion, of which $240 billion went to developing countries.

The report lists the world’s top five recipients of migrant remittances in 2007 as India ($27 billion), which also had the world’s largest migration population of 5.7 million; China ($25.7 billion); Mexico ($425 million); Philippines ($17 million) and France ($12.5 million).

“In many countries, remittances provide a lifeline for the poor,” said Dilip Ratha, a senior economist with the World Bank who co-authored the factbook with Zhimei Xhu.

“They are often an essential source of foreign exchange and a stabilising force for the economy in turbulent times,” he added. For many sub-Saharan countries, however, the remittance figures are also an indicator of the high levels of brain drain that have deprived these countries of many of their finest brains.

In Uganda, for instance, statistics showed a ratio of one doctor to 13,000 people, while that of nurses is 1:1,818 people, even as hundreds of Ugandan medical practitioners are working outside the country.

It was also gathered that in South Africa alone, there are over 140 Nigerian doctors working in various government hospitals. The number of doctors working in private hospitals is not known.

he World Bank report also noted that in 2000, the emigration rate for people with tertiary education stood at 26.3 per cent in Kenya, 21.6 per cent in Uganda, 19.9 per cent in Burundi, 19 per cent in Rwanda and 15.8 per cent in Tanzania.

The report further noted that while international immigration is dominated by the voluntary movement of people, there were 13.5 million refugees and asylum seekers, constituting about seven per cent of global immigrants, in 2005.

“The share of refugees was 14.3 per cent in low-income countries – over five times as large as in high-income European countries,” says the report.

 

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