Nigeria’s Diaspora remittance inflow is set to increase to $29bn in 2022 because of higher food prices and the continued adoption of official bank channels, according to the World Bank. According to the global bank, migrants from the country are likely to send more money home to help with the hike in the prices of staples. The bank disclosed this in its report titled, ‘Migration and Development Brief (May 2022): A War in a Pandemic: Implications of the Ukraine crisis and COVID-19 on the global governance of migration and remittance flows,’ report. It stated that remittance flows to low and middle-income countries are expected to increase by 4.2 per cent to $630bn in 2022. “Momentum for the use of official channels in Nigeria should sustain an uptrend in the year, within flows reaching $21bn.

Source: Punch May 18, 2022 09:08 UTC