(AFRICAN EXAMINER) – The World Bank says remittance inflows to Nigeria declined by 28 per cent in 2020 because of COVID-19 pandemic.
The Bank also said remittance flows fell for Sub-Saharan Africa by 12.5 per cent, according to its Migration and Development Brief 33 Phase 11 entitled: “COVID-19 Crisis Through a Migration Lens’’ published on Thursday.
The report said the decline in remittance flows to Nigeria was largely responsible for the fall in remittance flows to Sub-Saharan Africa.
“The decline in flows to Sub-Saharan Africa was almost entirely due to a 28 per cent decline in remittance flows to Nigeria.
“Excluding flows to Nigeria, remittances to Sub-Saharan Africa increased by 2.3 per cent, demonstrating resilience,’’ the report stated.
The World Bank says the drop in remittance flows to Sub-Saharan Africa in 2020 was solely driven by the reduced inflow into Nigeria.
However, Diaspora remittance flows to Nigeria last year defied the prediction of the Bank. The flows nose-dived by 28%.
In a new report, the World Bank said remittance flow to Sub-Saharan Africa fell 12.5% to $42 billion in 2020.
Other countries in the region reported an uptick as the Bank reckoned that remittance flows remain strong during COVID-19 crisis despite the pandemic-induced economic lockdown.
Low- and middle-income countries, according to the report, received $540 billion in 2020, which was $8 billion less than 2019 receipts despite the pandemic.
Views: Visits 7 The World Bank says remittance inflows to Nigeria declined by 28 per cent in 2020 because of COVID-19 pandemic. The Bank also said remittance flows fell for Sub-Saharan Africa by 12.5 per cent, according to its Migration and Development Brief 33 Phase 11 entitled: “COVID-19 Crisis Through a Migration Lens’’ published on Thursday. The report said the decline in remittance flows to Nigeria was largely responsible for the fall in remittance flows to Sub-Saharan Africa. “The decline in flows to Sub-Saharan Africa was almost entirely due to a 28 per cent decline in remittance flows to Nigeria. “Excluding flows to Nigeria, remittances to Sub-Saharan Africa increased by 2.3 per cent, demonstrating resilience,’’ the report stated.
updated: May 13 2021, 08:19 ist
India received over $83 billion in remittances in 2020, a drop of just 0.2 per cent from the previous year, despite a pandemic that devastated the world economy, according to a World Bank report.
China, which received $59.5 billion in remittances in 2020 against $68.3 billion the previous year, is a distant second in terms of global remittances for the year gone by, as per the latest World Bank data released on Wednesday.
In 2019, India had received $83.3 billion in remittances.
The report said India s remittances fell by just 0.2 per cent in 2020, with much of the decline due to a 17 per cent drop in remittances from the United Arab Emirates, which offset resilient flows from the United States and other host countries.
India received USD 83 billion in remittances in 2020: World Bank report
The report said India s remittances fell by just 0.2 per cent in 2020, with much of the decline due to a 17 per cent drop in remittances from the United Arab Emirates.
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WASHINGTON: India received over USD 83 billion in remittances in 2020, a drop of just 0.2 per cent from the previous year, despite a pandemic that devastated the world economy, according to a World Bank report.
China, which received USD 59.5 billion in remittances in 2020 against USD 68.3 billion the previous year, is a distant second in terms of global remittances for the year gone by, as per the latest World Bank data released on Wednesday.