Business

Nigerians In Diaspora Worry As Economic Crisis Affects Funds Transfer – Report

Published

3 years ago

March 28, 2023

Editor

Nigeria Diaspora remittances declined

Nigerians in Diaspora cannot currently transfer a lot of funds home because of a harsh global economic condition, a report from Western Union has revealed.

The report titled, ‘Global Money Transfer Index: Uncovering consumer expectations of the remittance industry (The Africa Series)’ stated that this is as most remittance receivers in the country revealed that they will need to get more money from senders due to a cost-of-living crisis.

The report revealed that remittance inflows into the country were estimated to be $21bn, making it the largest receiving market in Africa, and the ninth largest in the world. It noted that two in three consumers (63 per cent) of the Nigerians who took part in its survey stated that they collect funds at least once a month, with 70 per cent also transferring money abroad at the same rate.

Remittance is expected to increase in 2023 because of increases in the price of things, but this increase is across the board affecting both senders and receivers.

Western Union said, “These figures seem set to grow in 2023 as a large majority of receivers (85 per cent) say they need to get more money from senders amid the cost of living crisis. This rises to 88 per cent of those aged 35 to 44, but drops to 73 per cent of consumers aged 55-plus.

“Senders too generally agree they must transfer bigger sums in the 12 months ahead (82 per cent). However, they face a problem: three-quarters (75 per cent) of them — increasing to 84 per cent of senders aged from 18 to 24 — say global economic conditions mean they cannot transfer as much currently as they did in the past.”

The Regional Vice President, Africa at Western Union, Mohamed Touhami El Ouazzani, opined, “Economic headwinds have impacted all consumers globally, and remittances play an integral role in ensuring people and their communities can keep moving forward, leveraging opportunities.

“Now more than ever, it is incumbent on us as money transfer providers to be agile, supporting consumers as their requirements evolve in order to manage their daily financial needs.”

In its index report, Western Union noted that Nigerian consumers’ behaviour was influenced by currency fluctuations which include increasing, reducing, or delaying forwarding funds depending on the value of the naira.

It further revealed that the adoption of digital money transfer services in the country was strong. The firm noted that its Nigerian consumers were calling for greater innovation from money transfer providers to support their remittance needs.

Ouazzani added, “Nigeria’s Government and Central Bank’s efforts in developing the necessary infrastructure has boosted connectivity and inclusivity.

“As a result, consumers have become attuned to the opportunities and flexibility innovations can bring. We expect this to continue, underscored by a strong emphasis on speed, convenience, and reliability.”

Related Topics:Economic Economy Funds transfer

Up Next

Bank Credit To Govt Hits N28.43tn

Don't Miss

Naira Depreciates Against Dollar At Investors’ Window

Comments

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

1 day ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.