Channelstv news diapora remittance

Here's a summary of the Channelstv news article on diaspora remittance:

Title: "Diaspora Remittance: Nigeria Loses $1.4bn Annually to Unofficial Channels"

Summary: The Nigerian government has lost an estimated $1.4 billion annually to unofficial channels of diaspora remittance, according to a report by the National Bureau of Statistics (NBS).

Details: The report, which was presented at a stakeholders' meeting in Abuja, revealed that the majority of diaspora remittances sent to Nigeria are not channeled through official channels, resulting in a significant loss of revenue to the government.

Reasons: The report attributed the loss to several factors, including the high cost of sending money through official channels, lack of trust in the banking system, and the preference for informal channels such as hawala and money transfer operators.

Impact: The loss of diaspora remittances has significant implications for the Nigerian economy, including reduced foreign exchange earnings, increased poverty, and decreased economic growth.

Recommendations: The report recommended that the government take steps to improve the efficiency and cost-effectiveness of official remittance channels, increase transparency and accountability in the remittance process, and promote financial inclusion to reduce the reliance on informal channels.

Quote: "The loss of diaspora remittances is a significant challenge for Nigeria, and it is essential that we take steps to address this issue to improve the overall economic well-being of the country," said the Director-General of the NBS.

Source: Channelstv News, "Diaspora Remittance: Nigeria Loses $1.4bn Annually to Unofficial Channels"