Nigeria to double diaspora remittance inflow in one year – Cardoso

The Central Bank of Nigeria (CBN) has announced plans to double diaspora remittance flow into Nigeria in one year.

Olayemi Cardoso, the governor of the CBN revealed this during the BusinessDay CEO forum themed ‘Leadership in Tough Economic Times’ on Thursday

Cardoso stated that the ambition is an effort to ease issues in Nigeria’s financial sector.

“As a result of the challenges we have faced, one of the things we’ve done in the monetary side is said, look Diaspora remittances is very key and we set up a committee last time I went to Washington for the World Bank meetings, and I invited the INTOs. People flew in from all over the world to have a meeting and engage with me on this,” he said.

“At the end of that, we said based on the dialogue we have had, we are going to double the remittance flow within a year.

If we are able to do that in a number of other places, we will get to where we want to get to.”

In 2023, international remittances into Nigeria amounted to $19.5 billion according to the World Bank, a 2.5 percent decline from the previous year, though it accounted for 35 percent of total inflows into Sub-saharan Africa.