The Diaspora

Nigerian Diaspora - an economic powerhouse

The strategic importance of the Nigerian Diaspora

Nigeria has received more than half of all remittances sent each year to SSA countries.
A record $22 & $25 billion in remittances flowed to Nigeria in 2017 & 2018 respectively.
Figure is 83% of the Federal Government budget in 2018 and 11 times the FDI flows, representing 6.1% of GDP in the same period.

Africa’s Remittance Costs are higher than global average

A panorama on Remittance Costs

Africa's remittance cost are higher (range: 14.6% - 7.9%) than the global average (7.5%).
On the average, Nigeria Diaspora lost about $2.8 billion p.a. due to such charges.
Considering other channels being used to remit funds actual cost is approx. $4.5 Billion per annum. Meaning Nigerians have lost about $45 Billion in 10 years

Better Remittance & Financial Platform Opportunity

We predict that remittances into SSA will exceed $150 billion, with Nigerians abroad contributing about $80 billion each year. With the World Bank’s target commission rate of 3%, around $2.4 billion could be redirected towards transforming strategic economic sectors in Nigeria. At the current average rate of 10%, the Diaspora could save a staggering $8 billion.

Abrod is poised to transform the market with a unique platform that reduces transaction costs and enables the African Diaspora to engage in financial activities that foster positive development.