World Bank puts offshore remittances to Nigeria at $21.0 billion (N3.3 trillion)
The World Bank estimates, which was quoted by FBN Capital, is consistent with the Central Bank of Nigeria (CBN) balance of payment (BoP) data, which show a steady increase in remittance from $14.5 billion in 2005 to $20.6 billion in 2011 with the exception of a small dip in 2008 as a result of the global credit event. The BoP puts gas sales at $7.0 billion, non-hydrocarbons exports at $3.2 billion and transport credits on the services account at $1.6 billion.
The estimates also revealed that remittances in 2012 were equivalent to 8.4 per cent of Nigeria’s gross domestic products (GDP). The World Bank numbers also showed that remittances were the second largest forex inflow in 2012 after crude petroleum.