Home General News Nigeria Leads Africa in Payment Inflow

Nigeria Leads Africa in Payment Inflow

Mr Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), said Nigeria tops other African countries in payment inflows and is among the top five worldwide.

Mr Godwin Emefiele did not give a figure, but said African countries received $72billion payments in 2017.

Emefiele, who was represented by the Director Statistics Department, Mr Mohammed Tumala, spoke on Tuesday in Abuja, at the opening session of a workshop on payment household surveys jointly organised by the CBN.

He said that payments inflows contribute significantly to foreign exchange earnings and household finances in most developing countries.

Most Money sent home by migrant workers is among the major financial inflows to developing countries and in some cases, it surpasses international aids and grants.

“According to the World Bank, global payments have increased steadily over the years to about $613 billion in 2017, and $72 billion was received by African countries.”

Emefiele said that in recent years, Nigeria has taken actions aimed at attracting payments inflow to the country and donate to its economic development.

He added that one of the measures taken is Nigeria becoming a member of the International Association of Money Transfer Networks (IAMTN)

However, he said that compilers of transfers statistics in the country use both banking records and staff estimations of informal inflows.

This is a methodology that had its own challenges.

We think that a large mass of migrants’ payments passes through informal channels and are therefore not recorded.

Nigeria is yet to conduct a household-based transfers review to provide technical estimations of these informal inflows.

In addition, data from banking records also come with some divergences as a result of classification challenges on the part of reporting institutions.

The CBN governor further said that this made the decision to request for technical assistance to help in data collection on the inflows.


Arierhi Odjirighohttps://360aproko.com/
Music lover, writing gives me joy and am a proud one. The secret of getting ahead is getting started

Must Read

6 Things To Remember When It Feels Like Everyone Else Is Getting Married

I know a thing or two about “single anxiety.” There’s a massive amount of pressure resting on your bony prepubescent shoulders to get hitched and...

8 Ways To Enjoy Your New Relationship Instead Of Worrying That You’ll Ruin It

A new relationship can be as exhilarating as it is terrifying. You finally found that guy you click with, someone you really enjoy spending...


Acts 24:24-25 One great mistake some people make is to trust their feelings. I am sure you have heard people making statements like; "I trust...

Aisha Buhari warns Police IG against intimidating Timi Dakolo and his wife

First lady, Aisha Buhari has warned the Inspector General of Police against intimidating Busola Dakolo and her husband, Timi over the rape allegation against...

Terror Scare: British Airways cancels all flights to Cairo for a week as a security “precaution”

British Airways has cancelled all flights to the Egyptian capital Cairo for a week as a security "precaution".     Passengers who were about to board...