Nigerian Immigrants and Cash Remittance

Nigerian Immigrants and Cash Remittance

By Yusuf Afunku
Travel Specialist
Despite Nigerians leaving the shores of the Country and moving in exodus to Canada and other safe haven countries, PWC estimates that Nigerians in diaspora remitted a whopping sum of 25 billion dollars to Nigerian economy as at 2018.
That is a figure by PWC, I am sure there are so many unaccounted remittances that have gone via other channels unrecognized. The crux of the matter here isn’t about the remitted cash alone but also about the frenzied migration palaver that has characterized Nigeria’s travel hemisphere in the last couple of months if not years. Canada seems to be the Eldorado for young Nigerians amongst other places while Nigeria is turning into an albatross of some sort. I have read reports suggesting that some companies’ various departments have been shut down owing to staff of such units migrating to Canada and so many other alarming stories. Canada migration is not peculiar to Nigeria alone. As at 2017, it was reported that number of Haitians migrating to Canada via US have doubled according to Homeland Security, though Haitians crossing to Canada via US have protective status in US inspite of that they will rather prefer to go to Canada to seek asylum.
Let’s take a cursory look at few reasons why Nigerians have auspiciously taken Canada as the next migration destination. According to CNBCC, an American news channel, Canada is amongst top five countries to live as at 2018 with its diverse multi-cultural landscape, ethnic cohesion, inter-racial harmony, religious diversity, liveable atmosphere, infrastructural finesse, and economic opportunities and so on and so forth. Not to mention its natal opportunity it presents to Migrants.
Apart from Nigerians, Indians top the chart of the highest number of migrants across the globe. Indian economy has benefited significantly from diaspora remittance in the last couple of years. According to Bloomberg, India tops the chart of the world’s highest recipient and about 69 billion dollars went into Indian economy and that is about the size of its defense budget.
Part of the key indicators that raises the levels of economic wellbeing is its contribution to travels globally and without mincing word, migration has accessorized global economy through air travel growth and that is significantly instructive.
On a larger scale, Mckinsey Global Institute posits that there are about 247 million migrants across the world while ninety percent of this huge figure represents migrants interconnecting borders scavenging for economic comfort.
By and large, the success or failure of migration depends on countries and their respective opportunities.
The issue at stake here isn’t about migration but what has migration done positively to the roots? Answers have not been far-fetched I assume!
  • pinit_fg_en_rect_gray_20 Nigerian Immigrants and Cash Remittance

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