Remittance Inflows to GDP for Nigeria
DDOI11NGA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3.98
Year-over-Year Change
-29.62%
Date Range
1/1/1977 - 1/1/2020
Summary
The 'Remittance Inflows to GDP for Nigeria' series measures the share of Nigeria's GDP represented by money transfers from workers abroad. This metric is important for understanding Nigeria's reliance on external income sources and the impact of global economic conditions on its domestic economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
Remittance inflows are funds sent home by migrant workers employed outside of their country of origin. This trend tracks the value of remittances received by Nigeria as a percentage of its total GDP, providing insight into the country's economic dependence on money transfers from its diaspora population.
Methodology
The data is collected and reported by the World Bank using survey information and balance of payments statistics.
Historical Context
Remittance flows are a key consideration for policymakers analyzing Nigeria's economic resilience and exposure to external shocks.
Key Facts
- Nigeria was the largest recipient of remittances in Sub-Saharan Africa in 2021.
- Remittances accounted for over 5% of Nigeria's GDP in 2021.
- The COVID-19 pandemic caused a temporary decline in remittance flows to Nigeria in 2020.
FAQs
Q: What does this economic trend measure?
A: The 'Remittance Inflows to GDP for Nigeria' series tracks the value of money transfers from Nigerian workers abroad as a percentage of the country's total gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into Nigeria's reliance on external income sources and the impact of global economic conditions on its domestic economy.
Q: How is this data collected or calculated?
A: The data is collected and reported by the World Bank using survey information and balance of payments statistics.
Q: How is this trend used in economic policy?
A: Remittance flows are a key consideration for policymakers analyzing Nigeria's economic resilience and exposure to external shocks.
Q: Are there update delays or limitations?
A: The World Bank data may have update lags, and the accuracy depends on the quality of underlying survey and statistical information.
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Citation
U.S. Federal Reserve, Remittance Inflows to GDP for Nigeria (DDOI11NGA156NWDB), retrieved from FRED.