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GOVERNOR of Central Bank of Nigeria (CBN) has disclosed that Nigeria is the country receiving the highest remittances from its migrant workers spread across the globe.

Speaking in Abuja at the opening of the workshop on remittances household survey, Emefiele said “global remittances have risen gradually over the years to about US$613 billion in 2017, of which US$72 billion was received by African countries.

Represented by Director, Statistics Department, Dr Mohammed Tumala, explained further that as a recipient country, Nigeria is also ranked among the top five globally.

However, because of challenges in getting the accurate data on such remittances, CBN has requested for Technical Assistance from the African Institute for Remittances and the World Bank to get accurate data on remittances to Nigeria.

According to him, “compilers of remittances statistics in the country use both banking records as well as staff estimates of informal inflows.

“This methodology is not without limitations as we think that a large chunk of migrants’ remittances pass through informal channels and are thus unrecorded.”

While noting that Nigeria was yet to conduct a household-based Remittances Survey to provide scientific estimates of these informal inflows, the bank governor stated in addition, that “data from banking records also come with some discrepancies due to classification challenges on the part of the reporting institutions.

“It is hoped that in collaboration with other agencies in the country, the TA missions would achieve the objectives of the conduct of Remittances Household Survey and the establishment of a remittances legal and regulatory framework for the country.”

He expressed hope that the efforts will ultimately support improvements in Nigeria’s remittances transactions as well as enhance the quality of data on remittances as currently reported in the country’s Balance of Payments.”

In recent years, Nigeria has taken measures aimed at attracting remittances inflow to the country and contribute to its economic development.

Speaking earlier through a staff of the Statistics department Dr Emmanuel Olowofeso, Tumala had disclosed with collaboration from National Bureau of Statistics and the National Population Commission, CBN was finalizing the structures necessary for the conduct of a Remittances Household Survey being planned for the first quarter of 2019.”

He added that TA activities “have produced a customised Remittances Data Compilation Guide and proposed amendments to the remittances legal and regulatory framework for Nigeria.”

Source:https://www.tribuneonlineng.com/172502/

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