Dublin, April 12, 2024 (GLOBE NEWSWIRE) -- The "Nigeria International Remittance Market Business and Investment Opportunities - Analysis by Transaction Value & Volume, Inbound and Outbound Transfers to and from Key States, Consumer Demographics - Q1 2024" report has been added to ResearchAndMarkets.com's offering.
The Nigerian international remittance landscape has demonstrated a notable growth momentum in the first quarter of 2024. Data indicates a sustained increase in both inbound and outbound remittances, pointing towards the country’s strengthening economic connections with the global community.
Inbound Remittance Growth
A significant 2.3% rise in the international inbound remittance market during 2023 has culminated in a total valuation of US$ 20.99 billion in 2024. Projections for the period 2024-2028 suggest consistent growth, with market size anticipated to exhibit a compound annual growth rate (CAGR) of 1.5%, potentially elevating the market to US$ 22.27 billion by 2028.
Outbound Remittance Trends
Concurrently, the remittance outflow from Nigeria has reported a robust increase of 4.5% during 2023, reaching a total of US$89.4 million in 2024. Forecasts extending to 2028 predict a healthy CAGR of 2.7%, with expectations to reach market size of US$99.5 million.
Market
The report delves deep into the dynamics of the market, revealing opportunities by transaction value, volume, and average transaction values. It further segments the market by channels such as digital, mobile, and non-digital pathways. Notably, the consumer demographics within the Nigerian remittance sphere are analyzed with respect to age groups, incomes, and occupations of both senders and recipients, as well as the purposes behind these transactions.
Regional Insights
A detailed examination of the remittance flows showcases the market opportunities and preferences for specific sending and receiving states and regions. This analysis offers a granular view, encompassing the intricate variations in transaction values, volumes, and channels across different geographic locales.
Strategic Implications for Stakeholders
These findings carry strategic significance for businesses and investors operating in or considering entry into the Nigerian remittance market. The knowledge of market trends and consumer behavior provides an instrumental basis for informed decision-making and strategic planning.
Forecasting and Future Market Projections
The in-depth research and forecasts offered in the report are pivotal for stakeholders that are aiming to capture growth opportunities or secure their competitive positioning in the Nigerian remittance market. The forward-looking insights enable planning and strategy formulation that align with market trajectories and consumer trends.
The data compiled in this comprehensive analysis highlight Nigeria's evolving role in the international remittance sector and reflects the broader economic trends and patterns affecting the global financial transfer systems. These developments are critical for understanding the country's economic outlook and for grasping investment and business opportunities within the remittance domain.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 130 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $21 Billion |
| Forecasted Market Value (USD) by 2028 | $22.3 Billion |
| Compound Annual Growth Rate | 1.5% |
| Regions Covered | Nigeria |
For more information about this report visit https://www.researchandmarkets.com/r/sruevm
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