This sharp rise signals a strong recovery and sustained growth in remittances, highlighting the resilience of Nigeria’s economy amid global challenges.”
In what appears an encouraging sign for Nigeria’s economic recovery, the Central Bank of Nigeria (CBN) has reported a 63.7% increase in foreign inflows through international money transfer operators (IMTOs) during the first nine months of 2024.
According to the CBN’s latest quarterly statistical bulletin, remittance inflows surged from $2.33 billion in the same period in 2023 to an impressive $3.82 billion in 2024, reflecting a significant boost to the nation’s economy. This sharp rise signals a strong recovery and sustained growth in remittances, highlighting the resilience of Nigeria’s economy amid global challenges.
Much of this growth is attributed to the strategic reforms introduced by CBN Governor Olayemi Cardoso, who assumed office in September 2023. His leadership has been instrumental in creating a conducive environment for remittance growth, fostering a robust inflow of foreign funds.
A closer look at the year-on-year performance shows consistent growth across the months of 2024. January kicked off the year with a solid 32.4% increase, bringing remittance inflows from $295.21 million in 2023 to $390.86 million in 2024.
The positive momentum continued into February, which saw a spectacular 67.4% rise, with inflows reaching $326.91 million compared to $195.23 million in the previous year. March also recorded a healthy 30% growth, with remittances climbing to $363.76 million from $279.79 million in 2023.
April was particularly remarkable, as Nigeria saw one of the largest year-on-year increases, with inflows soaring by 83.3% to $466.11 million, up from $254.26 million in 2023. May also delivered strong performance, with inflows rising by 45.3% to $404.75 million. June saw a more moderate increase of 40.2%, with remittances reaching $389.79 million.
The second half of the year experienced an even more pronounced surge, with July and August seeing monthly inflows rise by over 100%. July recorded an influx of $552.94 million, more than double the $240.35 million of the previous year, while August reached an all-time high for the period, with inflows surging by 115.8% to $585.21 million. September ended the period with a solid increase of 40.9%, bringing in $336.61 million, compared to $238.98 million in September 2023.
While the year-on-year trend was overwhelmingly positive, month-on-month fluctuations were observed. January opened strong with $390.86 million, but February saw a 16.4% dip, bringing remittances down to $326.91 million. March, however, saw a recovery with an 11.3% rise, bringing the total to $363.76 million. April marked the largest month-on-month increase, with inflows surging by 28.1% to $466.11 million.
May experienced a slight dip of 8.3%, bringing the inflows to $404.75 million, but June showed a modest recovery, increasing by 7.8% to $389.79 million. July saw a dramatic 41.8% surge to $552.94 million, while August maintained the growth with a 5.8% rise, hitting the highest monthly total of $585.21 million. September saw a decline of 42.5%, with inflows falling to $336.61 million, a dip after the August peak.
Overall, the significant rise in remittance inflows, according to analysts, highlights a positive shift in Nigeria’s economic landscape, bolstered by CBN’s strategic reforms and a favorable policy environment.
The future outlook remains optimistic, with the potential for even greater growth in the months to come.
-The Sun