Abuja, July 27, 2025
Nigeria recorded a total of $20.93 billion in diaspora remittances in 2024, reinforcing the vital role of overseas Nigerians in supporting the national economy amid persistent fiscal and foreign exchange challenges.
The latest figures, released by the Central Bank of Nigeria (CBN), show a marginal increase compared to the $20.13 billion received in 2023. The inflow continues to serve as a key source of foreign exchange and a stabilizing force for the naira in the face of ongoing currency volatility and import dependency.
Financial analysts attribute the growth to improved global economic conditions, increased use of formal transfer channels, and targeted government policies aimed at incentivizing remittance flows through official banking systems. These remittances are largely utilized by households for education, healthcare, housing, and small-scale investments, contributing significantly to national consumption levels.
The World Bank had earlier projected Nigeria as one of the top recipients of remittances in sub-Saharan Africa, a status it has maintained for several years. Stakeholders are now urging the government to leverage the diaspora network more strategically, including by issuing diaspora bonds and enhancing investment incentives for Nigerians abroad.
Despite the gains, experts warn that policy inconsistency, high transaction costs, and a volatile exchange rate could hinder future inflows if not addressed promptly. The government is expected to roll out further reforms to deepen financial inclusion and formal remittance channels in the months ahead.