Tag: African diaspora remittances

Nigeria eases rules on diaspora remittances to boost FX liquidity

By Chijioke Ohuocha  | Reuters

Nigeria hopes to attract more remittances from its diaspora to boost foreign currency liquidity after the central bank issued a circular on Monday lifting rules that had restricted inflows.

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How Remittances From Africans in Petit Senegal in New York Builds Wealth Abroad

The African diaspora sends more money to Africa than U.S. foreign aid and foreign direct investment. In 2018, sub-Saharan Africa received $25 billion in development assistance. In that same year, immigrants in the United States sent $46 billion in remittances to their home countries in Africa, out of a total of $150 billion sent from the United States globally.

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Kenyans in diaspora sent home $2 billion

By Kelvin J. Kelley
The estimate by the Pew Research Centre is based on statistics developed last year by the World Bank

The United Kingdom was Kenya’s single-largest source of remittances, with $663 million sent home in 2017.

Kenyans living in the US, which ranked second, sent back $584 million.

Ghana and Senegal each accounted for about $2.2 billion in remittances.

Kenyans living abroad sent almost $2 billion (Sh200 billion) to their families and others in their homeland in 2017, a US data-analysis group said.

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Diaspora remittances breath air into African finances

Migrant remittances help the financial state of countries across Africa, especially ones in North Africa. While waiting for the International Monetary Fund (IMF), report on remittances,the finances of individual countries give a sense of the current situation.

Egyptians living abroad transferred over 25 billion dollars to their home country last year, a 3.1% rise on the previous year’s total of almost 24.7 billion.

Nigerians abroad sent 22.4 billion dollars to their home countries last year, compared with 22 the previous year, and Morocco some 6.78 billion compared with 7.5 in 2017.

In most countries with a high rate of migration, remittances surpass state development aid by far. This is the case in Senegal, for example, with 2.3 billion in remittances in 2018, as well as Ghana with 2.4 billion. Remittances in both of these countries is one of the major national economic resources.

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