Nigerians abroad amongst top migrant remittances: World Bank

  
GENEVA World Bank 2011's Migration and Remittances Study indicates that Nigeria remains in the top-ten category globally, of countries with high remittance-recipient ratio, is as heart-warming as its positive impact on the nation's fragile economy.

 Currently, remittances amount to at least $11 billion dollars annually from the Diaspora. Considering the poverty-alleviating effects this impacts on the cash-strapped recipients and the manner in which it helps to reduce social tension in the country we commend the donors. Many of the families who have benefited from their loved ones have been able to provide roof over their heads and see their children and relations through school as a result. While the others have taken care of the sick and the elderly members of their families in the absence of any social security buffer from the government.
 As shown in the recent study released during the fifth meeting of the Global Forum on Migration and Development in Geneva. The top recipients of officially recorded remittances were India, which took in $58 billion, followed by China ($57 billion), Mexico ($24 billion) and the Philippines ($23 billion).
Other top beneficiaries were Pakistan, Bangladesh, Nigeria, Vietnam, Egypt and Lebanon.
"Despite the global economic crisis... remittance flows to developing countries have remained resilient, posting an estimated growth of 8 percent in 2011," said Hans Timmer, director of the bank's Development Prospects Group.
 "Remittance flows to all developing regions have grown this year, for the first time since the financial crisis."
The World Bank expects a 7.3 percent rise in such payments in 2012 and a 7.9 percent increase in 2013.

Against the dark backdrop of a corruption-riddled economy, characterized by unstable power supply, lack of good access roads, and a banking sector that cannot offer loans to the real sector, sending money in hard currency by Nigerians in the Diaspora is salutary.