Pandemic leads to a big rise in remittances from the Nigerian diaspora according to WorldRemit

REMITTANCES by the Nigerian diaspora grew by a staggering 11.5% during the course of 2021 as the economic impact of the coronavirus pandemic made a lot more Nigerians dependant on their relatives living abroad.

According to a recent report by global payments company WorldRemit, remittances by the diaspora  in countries like the UK, US and Canada rose significantly in 2021. It said that based on its survey, Nigeria, Ghana and the Philippines were the most common recipients of diaspora remittances in 2021.

This report read: “Research from WorldRemit, a leading global payments company, has found that people sending money from the US, the UK and Canada continue to adjust their remittance habits to a new way of living due to Covid-19. The results from WorldRemit’s study of more than 3,000 of its customers paint a striking picture of the importance of remittances to the loved ones of immigrants, alongside the impact we know it has on the global economy.

“Some 68% of respondents sent money abroad at least monthly, with a further 28% sending multiple times a year. The pandemic has had a significant effect on the amounts of money sent, particularly for the key reasons people send money abroad.

“The most common countries remittances sent by our respondents were to the Philippines 18%, Nigeria 11.5% and Ghana 10.5%, which have all seen significant gross domestic product (GDP) growth. This trend is likely to continue as these countries continue to recover rapidly from the Covid-19 pandemic.”

Also, the report added that the immigrants listed daily expenses, gifts, medical expenses and education as top reasons they sent money home, pointing out that the amount sent to cater for each of these needs increased last year. Karen Jordaan, the head of WorldRemit in the UK, said that the company would continue to offer safe, fast and convenient services to facilitate the remittances of immigrants.