A World Bank report says Nigeria recorded 27.7percent decline in remittance flow last year which resulted in the decline of remittances by 12.5 per cent to Sub-Saharan Africa to 42 billion dollars.
The report which is titled ‘Migration and Development Brief’ released in Washington D.C.,also said that Nigeria alone accounted for over 40 per cent of remittance flows to the region.
It added that excluding Nigeria, remittance flows to Sub-Saharan Africa increased by 2.3 per cent.
It said:“Remittance growth was reported in Zambia at 37 per cent, Mozambique 16 per cent, Kenya nine per cent and Ghana five per cent.In 2021, remittance flows to the region are projected to rise by 2.6 per cent, supported by improving prospects for growth in high-income countries.”
It said that for remittance costs, the region remained the most expensive to send money to, where sending 200 dollars costs an average of 8.2 per cent in the fourth quarter of 2020.
According to the report,supporting the remittance infrastructure and keeping remittances flowing includes efforts to lower fees.
The World Bank also said it was assisting member states in monitoring the flow of remittances through various channels, the costs and convenience of sending money and regulations to protect financial integrity that affect remittance flows.
It added that it was working with the G20 countries and the global community to reduce remittance costs and improve financial inclusion for the poor.
It said that even as many high-income nations had made significant progress in vaccinating their populations, infections were still high in several large developing economies and the outlook for remittances remained uncertain.
