Economics

Nigeria remains top destination for Africa-bound flows , World Bank

nse_trading_floor(Codewit)Nigeria remains the top destination for Africa-bound flows, accounting for nearly half of remittances to the continent, a World Bank study has revealed.

In a statement signed by its Communications Associate, Bamidele Oladokun, in Abuja on Tuesday, the bank stated: “In absolute dollars, Nigeria is by far the top remittance recipient in Africa, accounting for an estimated 10 billion dollars in 2010, nearly half of all money sent to the continent. This year’s flows represent a slight increase over the previous year, when migrants sent home 9.6 billion dollars.”}

Top recipients, it said, included Sudan with 3.2 billion dollars, Kenya, 1.8 billion dollars; Senegal, 1.2 billion dollars and South Africa, 1.0 billion dollars. Others are Uganda, 0.8 billion dollars; Lesotho, 0.5 billion dollars; Ethiopia, 387 million dollars; Mali, 385 million dollars and Togo, 302 million dollars.

The bank further remarked that remittance flows to sub-Saharan Africa will reach 21.5 billion dollars in 2010 after a small decrease in 2009 due to the global financial crisis. The study was carried out by Migration and Remittances Factbook 2011, a World Bank publication that tracks documented private transfers of funds and migratory patterns around the world.

“The book shows that Africa-bound flows fell by about four per cent between 2008 and 2009, marking the first decrease since 1995. We estimate that recovery will continue over the next two years, with remittance flows to the continent possibly reaching about 24 billion dollars by 2012,” it said.

The statement noted that worldwide, remittance flows were expected to reach 440 billion dollars by 2010, up from 416 billion dollars in 2009. The World Bank report estimated that flows to developing countries as a whole would rise further over the next two years, possibly exceeding 370 billion dollars by 2012.

“Remittances are a critical lifeline for families and entire communities across Africa, especially in the aftermath of the global crises,” it said. The statement added that there was pressing need to make it easier and cheaper to send and receive remittances in Africa.  It added that the average cost of sending money to Africa is more than 10 per cent, the highest among all the regions.

Anthony-Claret Onwutalobi
Anthony-Claret Onwutalobi
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC and CEO of Portia Web Solutions. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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