CHART: Nigeria’s Diaspora Sent $4.22 Billion Home as of October 2024
Money sent home by the diaspora is now playing a transformative role in the country’s economy.
Remittances are becoming a financial lifeline for Nigeria, with money sent home by the diaspora now playing a transformative role in the country’s economy.
Between January and October 2024, Nigerians abroad sent $4.22 billion through official channels, a staggering 61.1% jump compared to the $2.62 billion recorded in the same period last year.
This surge in remittances didn’t happen by accident. According to the Central Bank of Nigeria, policies aimed at streamlining the remittance process and renewed confidence in Nigeria’s economic reforms have encouraged more Nigerians abroad to send money back home.
Even on a monthly scale, the numbers are telling. From $336.61 million in September, remittance inflows jumped to $402.38 million in October 2024, a clear sign of the positive momentum. The CBN predicts this upward trend will continue, projecting even higher inflows by the end of the year.
But this is only part of a much bigger story. According to the World Bank, Nigerians living abroad send home between $20 billion and $25 billion annually representing 6.1% of the Gross Domestic Product (GDP).
This diaspora remittance to Nigeria surpasses both Foreign Direct Investment (FDI) and Net Official Development Assistance (ODA) inflows, making it one of the major sources of foreign earnings to Nigeria over the years.
These funds often go toward supporting families—paying for food, healthcare, education, and other essentials—but their ripple effect is profound. Studies link remittance inflows to better nutrition, healthier babies, and higher school enrollment for children in lower-income households.
Despite their significance, these billions remain largely untapped for broader economic projects. Remittances are still mostly used for immediate needs rather than investments like private equity or infrastructure development. Unlocking this potential could have a transformative effect on Nigeria’s economy, creating more sustainable growth opportunities.
While the diaspora’s financial contributions are impressive, they also highlight the need for Nigeria to create an ecosystem that turns these inflows into long-term economic value.
As Nigeria faces ongoing economic challenges, the role of the diaspora is becoming even more critical. The steady rise in remittance inflows shows not just the financial power of Nigerians abroad but their enduring commitment to their home country.
