Nigerians Abroad Sent Home $20.93 Billion in 2024, Boosting the Economy
Nigeria’s economy is getting a significant boost from its citizens living abroad. President Bola Ahmed Tinubu recently announced that in 2024, official remittances from Nigerians in the diaspora reached an impressive $20.93 billion.
This figure is four times larger than the foreign direct investment (FDI) Nigeria received in the same period, showing just how crucial these contributions are.
The President, speaking through the Secretary to the Government of the Federation, Sen. George Akume, at the National Diaspora Day and National Merit Award 2025 celebrations in Abuja, described the diaspora’s contribution as “not only impressive but indispensable.
The event, organized by the Nigerians in Diaspora Commission (NiDCOM), focused on “Optimising Formidable Diaspora Potentials for National Development and Growth.” National Diaspora Day is celebrated annually on July 25th to honor Nigerians living abroad.
President Tinubu praised Nigerians in the diaspora as “ambassadors at large,” helping to improve Nigeria’s image globally. He also highlighted their active investments in various key sectors back home, including healthcare, agriculture, education, technology (ICT), housing, sports, transportation, and oil and gas. “Only Nigerians, both at home and abroad, can develop Nigeria,” he emphasized.
More Than Just Money
Sharon Dimanche, the Chief of Mission for IOM Nigeria, added that the impact of Nigerians abroad goes far beyond just the money they send home. She noted that many Nigerians are deeply involved in global institutions across various fields like health, technology, education, and the arts, while still maintaining strong ties to their home country.
Dimanche particularly highlighted the role of young Nigerians living abroad, describing them as digitally skilled and capable of driving new businesses, civic innovations, and technological advancements back in Nigeria.
Remittances: A Vital Economic Lifeline
According to the World Bank, global remittances in 2024 totaled $905 billion, with Sub-Saharan Africa receiving $56 billion. Out of this, Nigeria’s $20.93 billion inflow was significant, marking an 8.9% increase from the previous year, as reported by the Central Bank of Nigeria.
These remittances act as a crucial economic support system, providing vital funds for households, education, healthcare, and livelihoods across the country. In fact, in 2024 alone, Nigeria received nearly 37% of Sub-Saharan Africa’s total remittances, a testament to the strong connection between Nigerians abroad and their homeland.
Government Efforts to Engage the Diaspora
President Tinubu commended NiDCOM for its dedication to engaging Nigerians outside the country through various initiatives. These include:
The Nigeria Diaspora Investment Summit, which encourages investments from Nigerians abroad.
The Diaspora Mortgage Scheme, making it easier for Nigerians in the diaspora to invest in property back home.
The Diaspora Data Mapping project, to better understand and connect with Nigerians globally.
He also noted that holding presidential town-hall meetings during international trips has become a tradition, strengthening the bond between the government and its diaspora citizens.
The Chairperson of NiDCOM, Hon. Abike Dabiri-Erewa, expressed her pride in the over 20 million Nigerians living outside the country, calling them “barrier breakers and pacesetters.”
She emphasized that the annual National Diaspora Day, held on July 25, has become a key event for recognizing individuals and groups dedicated to both national and global development.
The celebrations also incorporated elements of Nigeria’s rich cultural heritage, such as references to the annual Badagry Door of Return Festival, which honors the resilience of descendants of the transatlantic slave trade, reinforcing the deep historical ties that bind the diaspora to Nigeria.
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