Money Sent Home To Africa Is For Good

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It is reported that the cost of living in Nigeria continues its climb but the importance of money sent home by relatives abroad is still drastically needed.

Fifty percent of the households investigated across all of the income groups in the main cities of Nigeria such as Lagos are regular recipients of money and goods from relatives living outside of the country. 

Most Nigerian parents are normally supported by their children through funds sent via transfer networks, according to the Global Poverty Research Group. The networks take advantage of the market in which US  Dollar $1 is worth 155 Naira, British Pound £1 is worth 255 Naira.

An interview with an engineering student states that he manages to stay in school thanks to relatives in London.  He goes on to say that since January, many of his classmates have dropped out due to financial problems, “I do not even think we would be accessing the food we eat if it was not for the money they send.”

 Remittances play a key role in stabilizing household food security and access to essential services like education and hospital care in Nigeria, this dependency is not just for the lower income or poverty level – a government registry clerk states that she is equally dependent on money sent by her husband in United Kingdom. “My own salary cannot even buy half of what he sends. He sends money every month and that is basically how the family has managed to survive"

Those receiving money and goods from Africans in the diaspora can afford such luxuries as cars; they can buy houses that are seen as prohibitively expensive in the local context. This is a small but financially sound class that has emerged alongside a growing poor class that can hardly put one day’s meal together.