CHART: African Countries with the Highest Remittance Received in 2023

Money makes the world go round, and in Africa, a significant chunk of that money comes from a common source; Africans living abroad. 

A recent World Bank report reveals a fascinating story of financial flows into the top ten recipient countries across the continent reaching a combined total of $72.5 billion in remittances in 2023, with Nigeria receiving the most remittances from its diaspora communities.

In the year, Nigerians abroad sent a whopping $19.5 billion home. Despite being number is slightly down by 2.9% from $20.9 billion in the previous year, it narrowly edges out Egypt to claim the top spot in Africa. This translates to a dominant 35% share of the total $54 billion remittance inflows into Sub-Saharan Africa in 2023.

Apart from its regional leadership, a previous article covered by Techloy shows Nigeria in the No.8 position of the top 10 recipients of remittances among low-and middle-income countries (LMIC) globally.

The majority of these remittances came from countries with large Nigerian diaspora populations, such as the United States, Canada, the United Kingdom, Switzerland, and Italy.