Creative, adaptable and go-getters, Nigerians are globetrotters. Each year, millions of us criss-cross the earth, chasing opportunities, business and pleasure. This has created a large Nigerian diaspora spread across global cities, including in places we’ve never heard about before, like Debrecen in Hungary. And no matter how many years these folks have lived far from home, they still frequently send money to their families and contacts back in Nigeria.
This money, known as remittances, are not insignificant. According to the Central Bank of Nigeria (CBN), in 2019, remittances flowing in and out of the country stood at $25.3 billion, making it the second-largest source of foreign exchange for the government, after oil of course.
It represents around 50% of remittances transferred to the entire Sub-Saharan Africa.
In Nigeria, remittances are essential lifelines for many households, says Andrew Nevin, Chief Economist at PricewaterhouseCoopers Nigeria (PwC Nigeria). Without them, more families will