By Meghan McCormick |Forbes
Global remittances to Sub-Saharan Africa (SSA) grew by 10% to $46B in 2018 (the last year for which we have complete data from the World Bank). Remittances, or money sent as a gift typically from family members working in a high-income country to family members living in low- or middle-income countries, are an important part of the global economy. They account for more transfer of funds to SSA than aid from the top 10 donor countries and institutions. The money sent to Africa through remittances is actually larger than many African-country GDPs. Remittances would be the 12th most productive economy in SSA, just behind the Democratic Republic of the Congo and ahead of Côte d’Ivoire.
Continue reading “The African Diaspora Network Gives Africans Living Abroad A Pathway To Invest At Home”
“There exists a prevailing perception among Liberians, that when a Liberian becomes a naturalized US citizen, the individual loses his Liberian citizenship,”
By Edmund Zar-Zar Bargblor
The African Star, (an African on online news organ), reported that on July 9, 2019, in the “wake of Liberia’s crippling economic situation, where the country’s Finance Minister Samuel Tweah is apparently hoping that remittances from Diasporas will salvage the country’s failing economy.Minister Tweah said recently that all remittances to individuals in Liberia, through Western Union, MoneyGram and other foreign transfer agencies, be paid to the recipients in the Liberian dollars.”
Continue reading “Liberia: The Importance of the Liberian Diaspora – Have the Chickens Come Home to Roost?”
By BUKOLA IDOWU
With an estimated inflow of $25 billion remitted by Nigerians abroad in 2018, chief economist at PriceWaterCoopers (PwC) Nigeria, Prof Andrew Nevin, said Nigeria’s citizens living outside the country are its biggest export.
Nigerians had remitted $22 billion in 2017 making it the highest in the Sub-Saharan Africa region followed by Senegal and Ghana with $2.2 billion each for the year. Currently, the country is in the top five nations in global remittances.
PwC’s Chief Economist, in a report titled, “Nigeria Economic Outlook: Top 10 Themes For 2019”, noted that remittances remitted to Nigeria represent 6.1 per cent of Gross Domestic Product (GDP), and translate to 83 per cent of the Federal Government budget in 2018.
He said Nigeria’s migrant remittance inflows was also seven times larger than the net official development assistance (foreign aid) received in 2017 of $3.359 billion, stating that, “Nigeria’s biggest export is not oil; it is actually people, because of the remittances coming in.”
Continue reading “Nigerian diaspora remitted $25 billion home in 2018”