Over 80 per cent of Diaspora remittances to Nigeria in 2019 (about $14..17 billion), was spent on household consumptions, the National Bureau of Statistics (NBS) has said. It disclosed that a total sum of $17.57 billion was sent home by Nigerians living abroad in the review year.
In its National Living Standards Survey Report for 2018-2019, NBS also reported that only 8.8 per cent of the Diaspora remittances was spent on school fees, 5.2 per cent on hospital bills, 1.0 per cent on agricultural input, and 4.3 per cent on other ventures.
According to PricewaterHouse Cooper (PwC), Nigeria receives the second largest diaspora remittances on the African continent, even as it accounts for over a third of the total migrant remittance inflows to the Sub-Saharan Africa. PwC estimated that these flows represented 6.1 per cent of Nigeria’s GDP…
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