The total direct remittance inflow into Nigeria has declined considerably, falling by 50% from US$2.04 billion to US$1.01 billion between January and February 2020.
This is significantly lower than 2019 levels, as a total of US$23 billion was remitted in 2019, making Nigeria the highest recipient within the sub-Saharan African region.
Given that remittance is a major source of income for vulnerable households in developing countries, this recent development could increase poverty and further widen inequality.
In the coming months, remittance flows are expected to continue declining as a recent World Bank report noted that flows to low- and middle-income countries in sub-Saharan Africa will fall by 23.1% in 20202.
Nigeria Economic Update, published by the Centre for the Study of the Economies of Africa.
