The World Bank has published its “2021 Migration and Development report”. In it, the institution revealed the top 10 sub-Saharan countries in Africa that are destinations for remittances from other continents. The ranking which was dominated by Nigeria and Ghana, also included 3 countries from the French-speaking area. These are Senegal, the Democratic Republic of Congo and Mali. They received $2.6 billion, $1.9 billion and $1 billion respectively.
Senegal is in fourth place in Africa, just ahead of the DRC which is fifth and far from its neighbor Mali which closes the ranking. The ranking also includes Kenya (third), Somalia (sixth), South Sudan (seventh), Zimbabwe (eighth) and Uganda (ninth).
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“It is estimated that remittances to the region fell by 12.5% in 2020. This drop is almost entirely due to a 27.7% drop in remittances to Nigeria, which alone accounted for more. 40% of remittances to the region. Excluding Nigeria, remittances to sub-Saharan Africa increased 2.3%, demonstrating resilience in times of crisis, “the report read.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer