The worldwide imposition of lockdowns to curb the transmission of the COVID-19 pandemic in 2020 caused the inflow of foreign remittance to Nigeria to decline by 28 percent, the World Bank has said.
The bank added that remittance flows fell for Sub-Saharan Africa by 12.5 per cent, according to its Migration and Development Brief 33 Phase 11 entitled: “COVID-19 Crisis Through a Migration Lens’’ published on Thursday.
The report said the decline in remittance flows to Nigeria was largely responsible for the fall in remittance flows to sub-Saharan Africa.
“The decline in flows to sub-Saharan Africa was almost entirely due to a 28 per cent decline in remittance flows to Nigeria.
“Excluding flows to Nigeria, remittances to sub-Saharan Africa increased by 2.3 per cent, demonstrating resilience,’’ the report stated.
With global growth expected to rebound further in 2021 and 2022, remittance flows to low and middle- income countries are expected to increase by 2.6 per cent to 553 billion dollars in 2021 and by 2.2 per cent to 565 billion dollars in 2022.
“As COVID-19 still devastates families around the world, remittances continue to provide a critical lifeline for the poor and vulnerable,” said Michal Rutkowski, Global Director of the Social Protection and Jobs Global Practice at the World Bank.
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