The World Bank has predicted a drop by 20 per cent this year in the inflow of Diaspora remittances.
The dip is caused by the coronavirus pandemic that is ravaging the world’s economy.
Migrant remittances stood at $25 billion in 2019 while Nigeria National Petroleum Corporation (NNPC) inflow stood at about $15 billion, adding to the country’s Gross Domestic Product (GDP).
However, the World Bank’s prediction means there was a need to attract more remittances in the economy by increasing the channels through which the funds come in.
World Bank Group President David Malpass said remittances are a vital source of income for developing countries.
The ongoing economic recession caused by COVID-19 is taking a severe toll on the ability to send money home and makes it all the more vital that we shorten the time to recovery for advanced economies. He explained that remittances help families afford food, healthcare, and basic needs.