Nigerians Diaspora Send $22bn home

Nigerians in diaspora in 2017 wired $22 billion home, an African record and the fifth largest remittance by immigrants, according to a World Bank.

Second is Egypt who received $20 billion from its citizens abroad, according to figures published by the bank today.

The World Bank said payments from immigrants back to their home countries rebounded to reach a new record in 2017 but the costs of transferring funds also increased.

The stronger-than-expected recovery in remittances payments that are key to supporting the economies of many poor countries was driven by growth in Europe, Russia and the United States, the World Bank said.