Nigerians in diaspora sent $22bn home in 2017 – World Bank

Diaspora Nigerians wired $22 billion home in 2017, an African record and the fifth largest remittance by immigrants, according to the World Bank.

Egypt received $20 billion from its citizens abroad, according to figures published by the bank today.

The World Bank said payments from immigrants back to their home countries rebounded to reach a new record in 2017 but the costs of transferring funds also increased.

The stronger-than-expected recovery in remittances payments that are key to supporting the economies of many poor countries was driven by growth in Europe, Russia and the United States, the World Bank said.