Sending money to Nigeria has now been made possible with technology and the evolvement of numerous payment solutions available to us. Nigerian immigrants can now send money back home and contribute to the growth and financial well-being of their families and loved ones. And due to this, Nigeria’s foreign income from remittances is growing rapidly over the years.
Nigeria (officially referred to as the Federal Republic of Nigeria) is a country located in West Africa. It is the most populous city in Africa and the world’s sixth-most populous country. In June 2020, the United Nations Department of Economic and Social Affairs (DESA) estimated Nigeria’s diaspora to be about 1.7 million. The World Bank also revealed that Diaspora remittances into Nigeria were estimated at $23.1bn in 2019 and over the years, this figure has gradually increased. It isn’t surprising that in terms of remittances, Nigeria is at the top, most citizens of the country who take the decision to migrate most times do this with the sole purpose of gaining better employment opportunities and in turn, providing financial support for their families and loved ones, back home. And thanks to the availability of technology and the numerous money transfer platforms available for use, Nigerians can send money with ease and comfort.
Top five countries that send money to Nigeria
Based on a study by the World Bank, Nigeria receives an estimated amount of $24.3bn in remittances every year, and due to this, Nigeria tops all other countries in Sub-Saharan Africa. The countries from which these remittances come are;
In the United States, there are about 400,000 Nigerians in Diaspora, and from this estimate, it can be deduced that a large amount of income in remittances is sourced by these Nigerians who regularly send money back home. Based also on a study by Migration Policy Institute, the United States is the destination of most African immigrants. Many of these immigrants reside in Texas and New York.
Based on an article published by the Office for National Statistics, there are about 200,000 Nigerian immigrants residing in the United Kingdom. 20% of Nigeria’s remittances come from the U.K and this can also be accounted for by its citizens who send money back home quite often.
With data sourced from LWATI: A Journal of Contemporary Research, Nigerian immigrants constitute the largest number of foreign residents in Cameroon. No wonder the country contributes 12% to Nigeria’s total remittances.
The total number of Nigerians residing in Italy is about 71,000 based on Wikipedia. The country’s high standard of living and numerous opportunities attracts Nigerians who are looking to gain better employment and make enough funds to send money back home and support their families, this, therefore, contributes 5% of Nigeria’s total remittances.
According to Statista, there are about 77,000 Nigerians currently residing in Ghana, and this figure is likely to grow in the years to come. Due to this, Nigerian immigrants in Ghana contribute about 4% of the country’s total remittances, as a great number of money transfers conducted by the immigrants are directed to their home country, Nigeria.
Sending money to Nigeria has now been made easy with ATL money transfer, with our specially designed platform you can now make payments at the best rate and also at a low fee.
ATL money transfer is a globally trusted money transfer platform located in London, United Kingdom. Thousands of transactions are handled by us daily, and we provide a great alternative by bypassing the redundancies caused by traditional money transfer avenues.
How to send money to Nigeria, using the ATL money transfer platform
- Visit the website or download the ATL money transfer app
- Enter the amount you wish to transfer
- Fill in the details of the recipient
- You will then be directed to the payment section, after which your transaction is complete.