Echotitbits – Nigeria News

Tag: remittances

  • Diaspora Affairs: Nigeria Moves to Formalize Remittance Channels

    Diaspora Affairs: Nigeria Moves to Formalize Remittance Channels

    Diaspora Affairs: Nigeria Moves to Formalize Remittance Channels

    The Federal Government has introduced a policy package to streamline remittances by lowering fees and proposing ‘Remittance Bonds,’ aiming to route more FX inflows through official channels and support reserves and liquidity.

    Additional coverage across Nigerian media and stakeholder reactions indicate that the implications of the development will be closely watched in the coming days as policy, security, and market signals evolve.

    Echotitbits take: Remittances are a major FX pillar after oil. Success depends on trust: diaspora senders will follow official channels if pricing is competitive and the exchange-rate gap remains tight.

    Source: The Punch – https://punchng.com/diaspora-remittances-hit-600m-monthly-dabiri-erewa-cbn/ (2026-01-22)

    Photo credit: The Punch

    2026-01-22 17:00:00

     

  • CBN projects faster growth and stronger reserves in 2026 as inflation eases

    CBN projects faster growth and stronger reserves in 2026 as inflation eases

    According to Premium Times, the CBN’s 2026 macro outlook projects faster economic expansion alongside further inflation moderation and stronger external buffers.

    The baseline assumes reform momentum continues—supporting business confidence, improving FX market credibility, and lifting investment planning if volatility stays contained.

    On prices, the outlook points to headline inflation easing further in 2026 as food and energy pressures cool and supply conditions improve, though risks remain from oil-output shocks and fiscal slippages.

    CBN also sketches a fiscal picture that still requires revenue reforms and expenditure discipline to avoid renewed macro stress.

    Vanguard reported the central bank forecast includes “a 4.49 per cent growth in GDP” and external reserves rising to “$51.04 billion.” Leadership similarly highlighted that CBN “forecasts $51bn external reserves in 2026.”

    Echotitbits take: This is cautious optimism, not a victory lap. Watch oil output, FX liquidity, and whether fiscal discipline holds—those will decide if the forecast becomes reality.

    Source: Premium Times – https://www.premiumtimesng.com/news/top-news/846528-nigerian-economy-expected-to-grow-4-49-in-2026-inflation-to-ease-cbn.html December 30, 2025
    Premium Times December 30, 2025

    Photo Credit: Premium Times

  • CBN projects FX reserves could hit $51bn by 2026

    CBN projects FX reserves could hit $51bn by 2026

    2025-12-31 08:21:00

    Figures cited by PUNCH show the Central Bank of Nigeria expects external reserves to climb to about $51.04bn in 2026, up from a projected $45bn in 2025, based on assumptions about FX-market conditions and inflows.

    The forecast is tied to the CBN’s 2026 macro outlook, leaning on expectations of reduced pressure in the FX market, improved export earnings, and higher remittance inflows.

    CBN also points to refining capacity and broader reforms as potential tailwinds that reduce import pressure and support reserve accumulation over time.

    Validation: Channels Television said “The external reserves are projected at $51.04bn in 2026, compared with $45.01bn in 2025.” and The Guardian reported “external reserves… to rise to US$51.04 billion.”

    Echotitbits take: This projection is optimistic—and markets will judge credibility by liquidity and transparency. Watch the drivers: oil receipts, diaspora remittances, and whether FX spreads truly narrow across official and parallel windows.

    Source: The Punch — 31 December 2025 (https://punchng.com/fx-reserves-to-hit-51bn-by-2026-cbn/)

    The Punch 31 December 2025

    Photo Credit: The Punch

  • Japa Update: Nigerian Nurses on UK Register Cross 16,000

    Japa Update: Nigerian Nurses on UK Register Cross 16,000

    Photo Credit: The Punch
    2025-12-25 09:25:00

    Figures cited by The Punch show 16,156 Nigerian-trained nurses and midwives have been licensed to practise in the UK between 2017 and September 30, 2025, underlining the sustained health-worker outflow often described as “japa.” The report frames the movement as both opportunity-driven migration and a stress point for Nigeria’s health system.

    Beyond the headline number, the broader UK-side data shows shifting recruitment dynamics, including a slowdown in international joiners compared to prior periods—suggesting immigration rules, labour-market conditions, and social climate are affecting inflows.

    For Nigeria, the implications are double-edged: remittances and global exposure on one hand, but deepening staffing gaps and training-cost leakage on the other—especially for critical-care and specialist nursing areas.

    For validation, the UK Nursing and Midwifery Council (NMC) reported that “the second and third largest sources of international recruitment are now Nigeria and Ghana,” while The Guardian (UK) cited NMC workforce data noting the number of overseas joiners “is collapsing,” as international inflows slowed in 2025.

    Echotitbits take: Nigeria needs a serious retention-and-return strategy—bonding alone won’t work if working conditions remain weak. Watch for policies around pay, safe staffing ratios, housing/transport support, and specialist training pathways that make staying competitive.

    Source: The Punch — December 25, 2025 (https://punchng.com/japa-nigerian-nurses-practising-in-uk-hit-over-16000/)

    The Punch 2025-12-25

  • Reps committee summons three DisCos over ₦100bn unpaid remittances

    Reps committee summons three DisCos over ₦100bn unpaid remittances

    PunchNG (illustrative image on article page)
    2025-12-16

    According to The Punch, the House of Representatives Public Accounts Committee summoned IBEDC, BEDC and PHEDC over alleged failure to remit more than ₦100bn owed to the Federal Government.

    The committee said the move is about protecting public resources and warned that ignoring summons can attract penalties under the law.

    The matter sits within broader debates on market shortfalls and cashflow constraints in the power sector.

    ThisDay: “summoned… over N100bn payment default.”

    BusinessDay: “summons… over N100bn debt to FG.”

    Analysis/Echotitbits take: This could force repayment plans—or fade without enforcement. Watch for sanctions, structured recovery agreements, and whether regulators address the deeper revenue-collection and tariff issues driving remittance gaps.

    Source: The Punch — December 16, 2025 (https://punchng.com/n100bn-unpaid-reps-move-against-three-discos/)

  • NiDCOM says diaspora portal passes 100,000 registrations as data mapping expands

    NiDCOM says diaspora portal passes 100,000 registrations as data mapping expands

    Photo Credit: The NIDCOM Boss, Abike Dabiri–Erewa – The New Nigerian
    2025-12-14

    According to The Punch, the Nigerians in Diaspora Commission (NiDCOM) says more than 100,000 Nigerians have registered on its diaspora data-mapping portal, as it seeks more reliable population and skills data on citizens abroad.

    NiDCOM acknowledged the broader challenge of capturing accurate figures for a diaspora community estimated to be far larger than current registrations, and said the portal is designed to improve planning and engagement.

    A government-backed report on the portal’s launch said NiDCOM created the Data Mapping and Registry Portal to enhance realistic data capture for Nigerians living abroad.

    NiDCOM’s portal documentation describes the platform as a structured registry with country-specific mapping pages for diaspora communities.

    Analysis/Echotitbits take: Quality diaspora data can strengthen policy design—investment channels, diaspora bonds, consular support and targeted skills programmes. The key risk is trust: privacy protections and clear benefits for registration. Watch for incentives, data governance assurances, and evidence that registration improves services.

    Source: The Punch — 14 Dec 2025 (https://punchng.com/nidcom-registers-over-100000-nigerians-abroad/)