The World Bank says remittances to Nigeria fell by 28% in 2020 due to the COVID-19 pandemic.
The Bank also reported that remittance flows had fallen by 12. 5% for sub-Saharan Africa, according to its 33 Phase 11 Migration and Development Report entitled “COVID-19 Crisis through a Migration Lens” on Thursday.
The report indicates that the decrease in remittances to Nigeria is largely to blame for the decrease in remittances to sub-Saharan Africa.
“The decline in flows to sub-Saharan Africa is almost entirely due to a 28% drop in remittances to Nigeria.
“Excluding flows to Nigeria, remittances to sub-Saharan Africa rise by as much as 2. 3%, demonstrating resilience,” the report says.
According to the report, the relatively strong functionality of remittance flows during the COVID-19 crisis also underlined the importance of knowledge availability at the right time.
It said that, given its growing importance as a source of external funding for low- and middle-income countries, more data on remittances needed to be collected.
He wants to gather more knowledge about remittances in terms of frequency, timely notification, and channel and channel granularity.
The report cites Dilip Ratha, director of the report on migration and remittances, saying that “the resilience of remittance flows is remarkable. Remittance assistance meets the greatest subsistence needs of families. “
“They can’t be such small changes anymore.
“The World Bank has been tracking migration and remittance flows for nearly two decades, and we are working with governments and partners to produce knowledge at the right time and make remittances even more productive. “
However, as global expansion is expected to recover further in 2021 and 2022, remittances to low- and middle-income countries are expected to increase from 2. 6% to $553 billion in 2021 and from 2. 2% to $565 billion in 2022.
The report indicated that the average overall shipping cost of $200 remained at 6. 5% in the fourth quarter of 2020, more than double the sustainable progression target of 3%.
He said sub-Saharan Africa continued to have the average cost (8. 2%), supporting remittance infrastructure and maintaining remittances, adding efforts to reduce charges.
In addition, it stated that the fall in remittances in 2020 was smaller than that of the 2009 global monetary crisis (4. 8%).
It was also well below the decline in foreign direct investment (EDI) flows to low- and middle-income countries, which, flows to China, fell by more than 30% in 2020.
As a result, remittances to low- and middle-income countries exceeded EDI ($259 billion) and foreign progression ($179 billion) by 2020.
Major drivers of flow stability included fiscal stimulus measures that resulted in better-than-expected economic situations in recipient countries, a shift in money flows to virtual and casual channels to formal channels, and cyclical movements in oil and exchange rates.
The actual duration of remittances, which includes formal and occasional flows, would be longer than officially reported data, although the scope of coVID-19’s effects on occasional flows is unclear.
“While COVID-19 continues to devastate families around the world, remittances continue to provide significant livelihoods for the poor and vulnerable,” said Michal Rutkowski, Global Director of Employment practices and global social protection at the World Bank.
“Political support responses, as well as national social coverage systems, continue to reach all communities, adding migrants. “
In addition, it stated that the relatively strong functionality of remittance flows during the COVID-19 crisis had also underlined the importance of knowledge availability at the appropriate time.
“Given its growing importance as an external source of funding for low- and middle-income countries, there is a desire to gather more knowledge about remittances in terms of frequency, timely reporting and granularity of the corridor channel. “
The World Bank is helping member states monitor the flow of remittances through various channels, the prices and convenience of sending money, and regulations to protect the monetary integrity of remittances.
It works with the G20 countries and the global network to reduce remittance prices and the monetary inclusion of the poor.
(YAYA)
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