Thursday, 21 August 2008

Remittances to Nigeria running at $17.9 billion

One of the best kept secrets in frontier markets is the extent to which local economies are being bouyed by remittances by nationals working abroad. This trend is rising sharply, as people become more mobile.

For example, remittances from Nigerians abroad almost doubled last year, rising to
$17.9 billion from $10.5 billion in 2006 and only $6.5 billion in 2005.

This gives us confidence that high growth rates in frontier countries can continue for some time.

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