The World Bank says Nigeria is responsible for over 40 percent of diaspora remittances in Sub Saharan Africa (SSA).

The remittance flows were to low- and middle-income countries in 2020.

In a statement on Wednesday, the Washington-based financial institution said remittances to SSA declined by an estimated 12.5 percent in 2020 to $42 billion. The decline was almost entirely due to a 27.7 percent decline in remittance flows to Nigeria,

It said despite COVID-19, remittance flows remained resilient in 2020, registering a 1.6 per cent decline than 2019 with a total of $548 billion.

“Remittances to Sub-Saharan Africa declined by an estimated 12.5 percent in 2020 to $42 billion,” the statement read.

“The decline was almost entirely due to a 27.7 percent decline in remittance flows to Nigeria, which alone accounted for over 40 percent of remittance flows to the region.

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“Excluding Nigeria, remittance flows to Sub-Saharan African increased by 2.3 percent.

“Remittance growth was reported in Zambia (37 percent), Mozambique (16 percent), Kenya (9 percent) and Ghana (5 percent).”

It said despite the impact of COVID-19 on global economy, remittance flows remained resilient in 2020 as low and middle-income countries reached $540 billion — representing a 1.6 percent dip from $548 billion recorded in 2019.

“The decline in recorded remittance flows in 2020 was smaller than the one during the 2009 global financial crisis (4.8 percent),” the statement read.

“It was also far lower than the fall in foreign direct investment (FDI) flows to low- and middle-income countries, which, excluding flows to China, fell by over 30 percent in 2020.

“As a result, remittance flows to low- and middle-income countries surpassed the sum of FDI ($259 billion) and overseas development assistance ($179 billion) in 2020.”