According to information released by the Migration and Development Brief, Nigerians in the diaspora remitted $19 billion back home in 2016.
Of the $60 billion remittances to the African continent in 2016, Nigeria and four other countries received close to 80 per cent, with Nigeria ($19bn), Egypt ($16.6bn), Morocco ($7bn), Algeria and Ghana ($2bn) each.
Fund transfer to developing countries fell for a second consecutive year in 2016. According to the report, remittance to Nigeria went down by 10 per cent in 2016; Bangladesh 11.1 per cent, and Egypt, 9.5 per cent.
The fund makes up a large percentage of the GDP of some countries, including Liberia (30 per cent), The Gambia (22 per cent), Comoros (20 per cent), Lesotho (18 percent) and Senegal (14 per cent).
