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Africans' sources of income realised through remittances.

Abidjan: Africans' rising sources of income are being realised through remittances. These have been observed as an important aspect that impacts lives as well as brings about economic growth and development on the continent. The theme of remittances was discussed by researchers and economists at the 12th African Economic Conference in Addis Ababa, Ethiopia, on Wednesday, December 6 during a session titled, "Financing Arica's Development - Remittances and Natural Resources".

Researcher from the University of Lagos, Nigeria, Taiwo Ojapinwa said that although remittances to Africa have recently declined, they still constitute a major component of income to households and investments compared to other external revenue flows.

Ojapinwa said, "There is now need to find ways how remittances can directly contribute to economic growth, which for decades has not been the case. There is need to have strong institutions and rule of law, because the amount of remittances a country receives can be influenced by the quality of governance." His fellow researcher, Raphael Babatunde from the University of Ilorin, Nigeria, added that remittances have become a major livelihood strategy among African households - and that this source of income helps to supplement agricultural incomes for many farmers.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Feb 1, 2018
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