A. Englama

Document Type

Occasional Paper

Publication Title

The Remittance Environment in Nigeria

Abstract

This preliminary study is on the remittance environment in Nigeria which became compelling because of low availability of information and empirical research on the subject. The need to obtain evidence-based information to drive policy formulation on remittances inflow which grew from US$1.4 billion in 2002 to US$17.9 billion in 2007 and tap its potentials to promote economic growth in Nigeria were the rationale for the study. An understanding of the drivers, inhibitors, characteristics, cost of transaction and channels of the flows would promote policy formulation to improve the remittance environment. The objectives of the survey were to examine current trend in remittance inflow, operations of the service providers, identification of the channels of inflow and to proffer policy recommendations. The study was conducted through a field survey in the five geopolitical zones of the country through the administration of questionnaire to 1,405 recipients of remittances at the point of collection of their funds. A questionnaire each was administered to the Central Bank of Nigeria, 17 deposit money banks, the Nigeria Immigration Services, and the Nigerian Postal Services to obtain data on their processes that relates to remittances. From the study, remittances were identified as an important source of funds for recipients to meet their basic needs and therefore could be a viable poverty reducing instrument.

First Page

1

Last Page

85

Publication Date

Winter 11-9-2008

Comments

Members of the study team includes:

A. Englama

N.C. Oputa

H. T. Sanni

O. O. Duke

G. K. Sanni

M. U. Yakub

T.S. Ogunleye

F. U. Isma'il

O. Adesanya

Z. Sani

D. I. Osori

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