163 Views

External financial flows into Nigeria now N4.38tn – CBN

The Central Bank of Nigeria (CBN) latest External Sector Development Report (ESDR), has revealed that external financial flows to Nigeria has continued to grow with the current transfers amounting to $21.9 billion (N4.38 trillion) in 2014.

Remittances are the second largest source of foreign exchange inflows into Nigeria recorded in the balance of payments.

The CBN data showed that workers’ remittances accounted for more than 90 per cent of current transfers.

The balance consisted of general government transactions such as the local expenses of embassies and international organisations.

Analysts believe the $21.9 billion current transfers is a huge success when compared with $80.0 billion for oil and gas exports, $5.3 billion for foreign portfolio investment, $4.7 billion for foreign direct investment and $3.9 billion for non-oil exports.

“The figures for transfers and investment are unadjusted for outflows, which are modest in the case of transfers but sizeable for portfolio transactions. Current transfers could, to give just three destination points, finance housing construction, seasonal celebrations and/or import demand. For a number of reasons, we cannot be more precise, said analysts at FBN Capital.

While decrying the challenge of tracing remittances, the analysts noted that remittance may be received by the beneficiary through a bank, at a bureau de change, at the local office of the money transfer corporation or through independent channels such as a mobile telephone.

They added: “Some informed estimates place the share received through the banks as low as 25 per cent of the total.  We do not envy the statistical authorities responsible. The data do not show a marked fall-off in transfers in 2008 and 2009 when the global credit event shook at least two of the countries where the Nigerian diaspora is well represented (the US and the UK.)

“Hargeisa, the capital of unrecognized Somaliland, has been rebuilt in the past 25 years with remittances. Their impact is everywhere visible, In Nigeria, however, the transfers represented 3.7 per cent of 2014 gross domestic products (GDP) and merely add to the grey areas in household consumption, imports and small-scale production.”

The analysts stressed that until bank accounts become more widespread and the tax net is extended, “We will have to live with these frustrations.”
Meanwhile, experts at African Economic Outlook, warned that Global economic turbulence still poses significant risks to the outlook for external finance of all kinds stressing that uncertainty about the recovery, particularly in the Euro area, may have a negative impact on trade and investment.

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

Photos Of Multi-Billion Naira Ultra-Modern Deeper Life Church Auditorium Just Completed In Lagos
Religion
68 views
Religion
68 views

Photos Of Multi-Billion Naira Ultra-Modern Deeper Life Church Auditorium Just Completed In Lagos

MT - April 26, 2018

The new Deeper Life multi-billion naira ultra-modern church auditorium which reportedly gulped about N5 billion has been commissioned. The 30,000 capacity church located in Gbagada area of…

#LazyYouths: Bauchi Residents Match Out in Numbers to Welcome President Buhari on a 2-Day Working Visit
Politics
77 views
Politics
77 views

#LazyYouths: Bauchi Residents Match Out in Numbers to Welcome President Buhari on a 2-Day Working Visit

MT - April 26, 2018

President Buhari is in Bauchi state on a 2-day working visit. Residents of the state including children, filed out in their numbers to welcome him.

‘Legbegbe’ Star, Mr Real ‘Signs’ Deal With Sony Music Africa
Entertainment
66 views
Entertainment
66 views

‘Legbegbe’ Star, Mr Real ‘Signs’ Deal With Sony Music Africa

PH - April 26, 2018

Mr Real, the artiste behind the commercially successful ‘Legbegbe’, has signed a deal with Sony Music Entertainment Africa. The entertainment company made the development known in a…

D’banj’s CREAM Hits ‘3.5m Subscribers’
Entertainment
60 views
Entertainment
60 views

D’banj’s CREAM Hits ‘3.5m Subscribers’

PH - April 26, 2018

Dbanj on Wednesday said his Creative, Reality, Entertainment, Arts and Music (CREAM) platform has hit 3.5 million subscribers. CREAM, a platform which provides upcoming artistes the opportunity…

WATCH: Banky W Talks About EME and Why He Featured Adesua Etomi on His Song
Entertainment
66 views
Entertainment
66 views

WATCH: Banky W Talks About EME and Why He Featured Adesua Etomi on His Song

PH - April 26, 2018

Singer Banky W was on Hip TV recently to discuss a myriad of topics including the 2019 elections and why he featured his wife Adesua Etomi on…

WATCH: Toke Makinwa Opens up About Struggle with Fibroid and Recent Surgery
Entertainment
74 views
Entertainment
74 views

WATCH: Toke Makinwa Opens up About Struggle with Fibroid and Recent Surgery

PH - April 26, 2018

Watch this week’s episode of Toke Makinwa‘s Toke Moments as the author and media personality opens up on her struggle with Fibroids, her recent surgery and her…

Mikel Obi Speaks Ahead Of Super Eagles’ Clash With England
Sports
117 views
Sports
117 views

Mikel Obi Speaks Ahead Of Super Eagles’ Clash With England

MT - April 25, 2018

John Mikel Obi says the Super Eagles will put their best foot forward during the international friendly match against the Three Lions of England. The game is…

Like Cee-C, Nina Also Gets iPhone X, Hair and Cash Gifts from Tonto Dikeh and Bobrisky
Entertainment
102 views
Entertainment
102 views

Like Cee-C, Nina Also Gets iPhone X, Hair and Cash Gifts from Tonto Dikeh and Bobrisky

MT - April 25, 2018

Nollywood actress Tonto Dikeh has heightened her social media beef with singer and Instagram influencer, Tunde Ednut. This is coming after Tunde Ednut mocked a video shared…

Revealed: How Korede Bello Paid For His Distinction Results From Nigerian Institute Of Journalism
Entertainment
103 views
Entertainment
103 views

Revealed: How Korede Bello Paid For His Distinction Results From Nigerian Institute Of Journalism

MT - April 25, 2018

Mavin artiste, Korede Bello who graduated from the Nigerian Institute of Journalism with a distinction in Mass Communication (HND),just four days ago has explained in details how…

A Look At The Lagos Slum Where Land Is Allocated At N2k And Residents Live In Dirt
Shocking
108 views
Shocking
108 views

A Look At The Lagos Slum Where Land Is Allocated At N2k And Residents Live In Dirt

MT - April 25, 2018

Life at Mosquito village, a slum in Lagos state, is disgusting, brutal, weird, ephemeral, yet entertaining. The residents live in the cozy embrace of the filth surrounding…

SEE What Eating Dark Chocolate Does To Your Memory And Immunity – New Study
Best of Nigeria
99 views
Best of Nigeria
99 views

SEE What Eating Dark Chocolate Does To Your Memory And Immunity – New Study

MT - April 25, 2018

A new research showed that consuming dark chocolate with a high concentration of cacao has positive effects on stress levels, inflammation, mood, memory and immunity. Presented on…

PHOTOS: This Is How Nigerian Singer, D’banj Is Living Like A King In Dubai
Best of Nigeria
117 views
Best of Nigeria
117 views

PHOTOS: This Is How Nigerian Singer, D’banj Is Living Like A King In Dubai

MT - April 25, 2018

Without a shadow of doubt, D’banj is one artist who qualifies to be described as famous and rich. He also has so much style, so when he…

G-Worldwide Entertainment Unveils 2 New Artists, Easy Jay and Ajura
Entertainment
91 views
Entertainment
91 views

G-Worldwide Entertainment Unveils 2 New Artists, Easy Jay and Ajura

PH - April 25, 2018

G-Worldwide has just announced the latest additions to their rosters; Easy Jay and Ajura. The records Head of Artist Management, Louiza Williams said: We are thrilled to…

Why I Escaped From Police – Senator Melaye
Politics
108 views
Politics
108 views

Why I Escaped From Police – Senator Melaye

PH - April 25, 2018

Senator Dino Melaye has said that he jumped down from a moving police vehicle, which resulted in his hospitalization on Tuesday to prevent being taken to Lokoja,…

WATCH: DJ Neptune talks on his Challenges and Success Story on EbonyLife TV’s “EL Now”
Entertainment
92 views
Entertainment
92 views

WATCH: DJ Neptune talks on his Challenges and Success Story on EbonyLife TV’s “EL Now”

PH - April 25, 2018

In the new episode of EbonyLife TV‘s EL NOW, the talented DJ Neptune discusses the trials and challenges that he has encountered on his journey to becoming…

Singer Korede Bello Bags Degree from Nigerian Institute of Journalism
Entertainment
113 views
Entertainment
113 views

Singer Korede Bello Bags Degree from Nigerian Institute of Journalism

PH - April 25, 2018

Mavins record act, Korede Bello is proof that if you set you mind to achieve a certain goal, nothing can hold you back. In a post on…

Drums Festival Generated Lots Of Income For The Government – Governor Amosun
Art, History and Culture
111 views
Art, History and Culture
111 views

Drums Festival Generated Lots Of Income For The Government – Governor Amosun

PH - April 25, 2018

The Governor of Ogun State, Ibikunle Amosun has stated that the just concluded Africa Drums Festival hosted by the state, generated a lot of income for both…

I Sat For UTME Six Times – 26-year-old First Class Graduate
Geeky & Smart
107 views
Geeky & Smart
107 views

I Sat For UTME Six Times – 26-year-old First Class Graduate

PH - April 25, 2018

A 26 year old first class graduate of the Department of Applied Chemistry, Usman Danfodiyo University, Sokoto, Simon Godwin Idoko, has opened up on how he was…

Loading...