The World Bank has said Diaspora remittance into Nigeria is expected to exceed $20bn by the end of the year as total remittances into the Sub-Saharan Africa region increase by 1.9 per cent.This was revealed in the World Bank’s latest Migration and Development Brief released this month, which stated that the global remittance flows would continue to grow in 2023 although at a slower pace.

The reports said, “Remittances to Sub-Saharan Africa are estimated to grow by 1.9 per cent from $53bn in 2022 to $54bn in 2023. Projections indicate that remittances to the region will keep increasing, to $55bn by 2024. The slowed growth in remittances observed in 2023 is explained by the slow pace of growth in the high-income economies where many Sub-Saharan African migrants earn their income.