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? so, the volume of the remittance

? Community driven development program is targeted not only at residents who are permanent residents, but also residents who work abroad but owns a house or have their families living in the community. Donors who reside abroad but want to help fund certain project will have the opportunity to participate in this program. The program will be structured in such a way that the remittance of Nigerians abroad (especially those whose families live in the community or who have direct ties to the community ) can be channeled to meet the developmental needs of communities and in return have streets and roads named after them. The program is targeted at harnessing the development potential of remittances. Remittances from migrant workers are fast outpacing official aid flows and even foreign direct investment (FDI) as a source of external finance for many developing countries. Remittance flows are now double the size of official development assistance (gross flows of which, before deducting debt repayments have increased from USD 31.1 billion in 1990 to US$117bn in 2007 and US$406.0 billion in 2012 according to the OECD). Even more surprising, in terms of value, remittances are rapidly approaching FDI flows to developing countries. More so, the volume of the remittance and its stability is much better than official development assistance (ODA) and foreign direct investment (FDI) that flow to developing countries (Haas, 2007 and World Migration Report, 2013).The Philippines is one of the highest remittance receiving country behind India and China which is actually reaping the benefit of remittance . Currently, remittance is equivalent to 12% of the Philippines’ Gross Domestic Product (Vries, 2011). In Nigeria, remittance from Nigerians abroad was almost equal to Nigeria’s 2016 budget estimate. Nigeria has the largest remittance market in Africa and the fifth in the world (vanguardngr, 2016). According to Central Bank of Nigeria, “Diaspora remittance constitute the second highest source of foreign exchange for Nigeria after crude oil, accounting for about $21billion in 2015 alone , and expected to hit $35 billion in 2016 ” (vanguardngr, 2016). If Oyo State is able to attract just USD 1 – 2 billion annually to finance its community infrastructure, it will go a long way in improving the state of community infrastructure and also the economy of the state at large.

Topic: Accounting

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Last updated: July 31, 2019

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