Posted by By Enyeribe Anyanwu on
Nigerians living abroad remitted the sum of US$17.9 billion back home last year (2007), compared to the $10.5 and $6.5billion they remitted in 2005 and 2006 respectively.
Nigerians living abroad remitted the sum of US$17.9 billion back home last year (2007), compared to the $10.5 and $6.5billion they remitted in 2005 and 2006 respectively.
The Federal Government's Economic Management Team (EMT), which disclosed this in Lagos recently, attributed the rising remittances to the increased confidence in the economy. The committee said the economy was buoyant and now well-rated by international rating agencies.
"Both Fitch and Standard and Poor rating agencies have reaffirmed Nigeria 's overall rating at BB-and indicated the outlook to be stable," said Dr. Shamsudden Usman, Finance Minister and Chairman of the Economic Management Team.
Dr. Usman said the country's debt profile was sustainable, with a substantial part of it in local currency.
Dwelling on the outlook of the economy for the second half of the year 2008, the EMT chairman expressed optimism of an increase in foreign investment inflow, especially with the planned PPP framework and continued economic reforms.
According to Usman, "domestic production is expected to increase with improvement in the power sector, while external reserves will continue to be favourable due to favourable international oil prices. Exchange rate will also remain stable," he said.
However, the committee identified some factors which might work against the economy for the rest of the year. These include: the Niger Delta crisis, inflationary pressures arising from high food and energy prices; especially diesel, slow implementation of the capital budget and the high growth rate of broad money.