Remittances inflow and the Economy


Remittances inflow and the Economy
Godwin Emefiele, CBN Governor.

By Babajide Komolafe

Adeshola Akiniyi is one of the over 1.24 million Nigerians in Diaspora. He has been living in the United Kingdom for over 20 years.

Adeshola works 16 hours a day, spending most of the spare time shuttling between the three jobs, needed to generate earnings, from which he regularly sends money to his wife and three children back in Nigeria.

While his four dependents, who live in Abesan, Alimosho Local Government, may not be familiar with the word, ‘remittances’, they however know that most of the money they spent on foods, clothes, and school fees come from their dad who lives and works abroad.

Importance of Diaspora Remittances

In economic terms, this household income from relatives, friends,  and living abroad is called foreign or diaspora remittances.

According to the International Monetary Fund, IMF, remittances include cash and non-cash items that flow through formal channels such as electronic wire, or through…

Source: Vanguard Newspaper