Tinubu: Nigerian Diaspora Remittances Hit $20.93bn in 2024, Quadrupling FDI

At the National Diaspora Day celebrations and National Merit Award 2025 held in Abuja on Friday, July 25, President Bola Tinubu, represented by Senator George Akume, Secretary to the Government of the Federation, announced that Nigerians living abroad sent $20.93 billion in remittances through official channels in 2024. 

This amount is four times greater than Nigeria’s Foreign Direct Investment (FDI) for the same year.

Speaking at the event organized by the Nigerians in the Diaspora Commission (NiDCOM), Akume commended NiDCOM’s initiatives, including the National Diaspora Day, National Diaspora Merit Award, Nigeria Diaspora Investment Summit, Diaspora Mortgage Scheme, and Diaspora Data Mapping project. 

He highlighted the significant contributions of Nigerians abroad, noting, “Many of our diaspora are Ambassadors at large, uplifting Nigeria’s image in their host countries. 

They are actively investing in healthcare, agriculture, education, ICT, housing, sports, transportation, oil and gas, and more. 

Only Nigerians, at home and abroad, can develop Nigeria.”Sharon Dimanche, Chief of Mission for the International Organization for Migration (IOM) in Nigeria, praised NiDCOM’s effective efforts, citing a World Bank report that global remittances reached $905 billion in 2024, with Sub-Saharan Africa receiving $56 billion. 

Nigeria’s $20.93 billion inflow, an 8.9% increase from the previous year according to the Central Bank of Nigeria, plays a critical role in supporting households, education, healthcare, and livelihoods nationwide.