Nigeria Remittances Forecast to Top $20 Billion in 2023, Leading Sub-Saharan Africa Despite High Fees
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The World Bank forecasts Nigeria's diaspora remittances will exceed $20 billion in 2023, up slightly from $20.1 billion in 2022.
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Remittances to Sub-Saharan Africa are estimated to grow 1.9% to $54 billion in 2023. Growth is slowing due to high inflation and weak growth in high-income countries.
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Nigeria accounts for 38% of remittance flows to Sub-Saharan Africa. Other major recipients Ghana and Kenya also saw increases.
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Sub-Saharan Africa has the highest average remittance costs globally, averaging 7.9% in Q2 2023.
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Remittances are resilient and expected to continue growing over the next decade. They exceed foreign direct investment and aid flows to developing countries.