Nigeria : Remittances hit $4 billion
Nigeria’s Minister of Foreign Affairs, Dr. Ngozi Okonjo-Iweala stated that:
“Remittances today are becoming an important source of income for many countries, and sometimes surpassing exports as the source of foreign exchange. The World Bank estimates that about $167 billion in remittances was sent to developing countries in 20o4.
“It is estimated that sub-Saharan Africa receives about $7.7 billion in inward remittances, with Nigeria accounting for nearly $3 billion. These are all, however, conservative estimates and economists agree that the actual values may be up to 50 percent higher. So in the case of Nigeria, we are looking at a total value of remittances of over $4 Billion! This is a valuable source of income for the country, and it is some thing we want to encourage.”
Via ThisDay