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Remittances to Sub-Saharan Africa declined by an estimated 12.5 per cent in 2020 to $42 billion, the World Bank has said. The decline was âalmost entirely due to a 27.7 per cent decline in remittance flows to Nigeria, which alone accounted for over 40 per cent of remittance flows to the regionââ, the Bretton Woods institution said. Excluding Nigeria, remittance flows to Sub-Saharan African increased by 2.3 per cent. Remittance growth was reported in Zambia (37 per cent), Mozambique (16 per cent), Kenya (9 per cent) and Ghana (5 per cent). In 2021, remittance flows to the region are âprojected to rise by 2.6 per cent, supported by improving prospects for growth in high-income countries. Data on remittance flows to Sub-Saharan Africa are sparse and of uneven quality, with some countries still using the outdated Fourth IMF Balance of Payments Manual rather than the Sixth, while several other countries do not report data at allâ. ....
Dike Onwuamaeze writes on efforts to increase the flow of Diaspora remittances into Nigeria in particular and Africa in general The Global Director of the Social Protection and Jobs Global Practice at the World Bank, Mr. Michal Rutkowski, recently highlighted the importance of remittance flows to the financial survival of families that were stricken by the impact of COVID-19 pandemic disease that plagued the world economy in 2020. Rutkowski, said in the World Bank’s report titled: “Defying Predictions, Remittance Flows Remain Strong During COVID-19 Crisis,’” released recently, that, “as COVID-19 still devastates families around the world, remittances continue to provide a critical lifeline for the poor and vulnerable. Supportive policy responses, together with national social protection systems, should continue to be inclusive of all communities, including migrants.” ....