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- Direct remittance inflow into Nigeria witnessed a 50% fall from US$2.04 billion to US$1.01 billion between January and February 2020
- Most of its diaspora are based in countries severely hit by the pandemic such as Spain, Italy, the United Kingdom and the United States
The direct remittance inflow into Nigeria witnessed a 50% fall from US$2.04 billion to US$1.01 billion between January and February 2020 as an outcome of COVID19.In 2019, the total remittances into Nigeria stood at US$23 billion, making Nigeria the highest recipient within the sub-Saharan African region. Most of its diaspora are based in countries that have been severely hit by the pandemic such as Spain, Italy, the United Kingdom and the United States significantly limiting their ability to work and remit funds.
Remittance is a major source of income for vulnerable households for Africa. The remittances are expected to continue to drop according to a recent World Bank report. The report forecasts that flows to low- and middle-income countries in sub-Saharan Africa will fall by 23.1% in 20202. The fall in remittances is expected to deepen poverty and further widen inequality. In order to protect the vulnerable households, the world bank has urged the governments to provide additional social safety nets for the poor and ensure that the distribution mechanism of the cash transfer programme is efficient and equitable.
