Nigeria’s affluent Diaspora population is estimated to have sent about $22 billion in remittances to their loved ones on the continent in 2012 revealed the country’s Minister of National Planning, Dr. Shamsudeen Usman. The 2012 number representes about a $1.28 billion increase from 2011.
According to the Minister, Nigerians abroad are showing increased interest in the economy given the reforms being implemented in the nation as well as the impressive growth being witnessed in the economy. In the past three years, Nigeria has moved up eight positions in global GDP rankings, moving from 44th position in 2010 to 36th in 2012.
Nigeria also recorded the highest amount of foreign direct investment inflows in Africa of about $7.01 billion in 2012 surpassing South Africa for the first time in history.
Nigeria’s growth has largely been driven by the non oil sector with agriculture accounting for about 27.64% of growth and with wholesale and retail trade as well as telecommunications contributing a total of 28.4% and 24.38% respectively.