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    Nigeria International Remittance Market is Expected to Reach USD 42 Billion by 2022  244  0 Kommentare Ken Research

    GURUGRAM, India, January 17, 2018 /PRNewswire/ --

    • The relaxation of regulations for outflow of remittance from Nigeria to other countries will present a great opportunity for the MTOs. The international outbound remittance is likely to grow robustly in the coming years
    • The use of Bitcoins to remit money in Nigeria is also very likely to gain popularity in the near future.
    • The rising number of households and growing infrastructural development in the country will drive the market of Nigeria bill payment industry. It has been forecasted that the market will reach USD 146 billion by 2019

    In Nigeria, international remittance is a critical source of income for the people and has changed their standard of living to a great extent. Remittance inflow from other countries into Nigeria has resulted in development of the country in many ways. Each year, Nigerian migrants working overseas send billions of dollars back home to support their families. Maximum number of Nigerian migrates to developed countries such as the US, the UK, Spain, Italy and other European and African countries. In terms of transaction volume also, maximum remittance is received from the US and the UK followed by other European countries.

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    Nigeria receives about 67.0% of the total remittance received in the Sub-Saharan Africa Region. The growth of the remittance industry in the country has been majorly driven by the large number of Nigerian diaspora who have migrated overseas in search of higher paying job opportunities. The number of Nigerian migrants in 1990 was 465,932 and it has grown over the years. In 2013, the Nigerians living outside their country were 1,030,322 that are more than double the number in 1990.

    International remittance in Nigeria is largely dominated by the remittance inflow from other counties. Inflow of remittance from other countries has contributed a share of 95% in the overall revenues of the industry in 2016.

    The rising population of Nigerian migrants in the US and UK has surged the transaction volume of remittance from these countries to Nigeria. The US-Nigeria and the UK-Nigeria remittance corridor are equally dominated by the informal remittance channels. The remittance flows to Nigeria from these corridors is also underreported because the Nigerian government still lacks proper infrastructure and mechanism for data collection.

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    Nigeria International Remittance Market is Expected to Reach USD 42 Billion by 2022 Ken Research GURUGRAM, India, January 17, 2018 /PRNewswire/ - The relaxation of regulations for outflow of remittance from Nigeria to other countries will present a great opportunity for the MTOs. The international outbound remittance is likely to grow robustly …

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