Diaspora home remittances hit $20bn in 2024 — Tinubu
President Bola Tinubu has announced that remittances from Nigerians abroad through official channels reached $20.93 billion in 2024, a figure four times higher than the country’s Foreign Direct Investment (FDI) for the same period.
He made this known during the National Diaspora Day (NDD) celebrations and National Merit Award 2025 organised by Nigerians in the Diaspora Commission (NiDCOM) in Abuja over the weekend. The theme of the event was “Optimising Formidable Diaspora Potentials for National Development and Growth.”
Represented by Senator George Akume, Secretary to the Government of the Federation, Tinubu praised NiDCOM’s flagship initiatives, including the National Diaspora Day, National Diaspora Merit Award, Nigeria Diaspora Investment Summit, Diaspora Mortgage Scheme and Diaspora Data Mapping project.
He noted that it has become customary to engage with Nigerians abroad through presidential diaspora town-hall meetings during official trips.
“It is gratifying to celebrate the achievements of our diaspora annually on July 25. Many of them are ambassadors at large, enhancing Nigeria’s image in their host countries,” Tinubu said.
He further commended Nigerians overseas for actively investing in key sectors such as healthcare, agriculture, education, ICT, housing, sports, transportation, oil and gas, and real estate.
“This is commendable and in our collective interest, as only Nigerians, both at home and abroad, can develop Nigeria,” he stated.
Tinubu added that the inclusion of the National Diaspora Merit Award since 2023 has given the celebrations greater significance.
Earlier, Abike Dabiri-Erewa, Chairman/CEO of NiDCOM, said the NDD recognises over 20 million Nigerians in the diaspora whose contributions to national development are invaluable.
“Our diaspora community is known for hard work, resilience and patriotism. They are barrier breakers and pacesetters in various fields of endeavour,” Dabiri-Erewa said. “It is important to celebrate our best, even though a few may fall short of expectations.”
She explained that NiDCOM has consistently celebrated excellence through its merit awards, honouring individuals and associations that have impacted Nigeria and their host countries. She also referenced the annual Badagry Door of Return Festival in October, which commemorates Nigerian descendants of the transatlantic slave trade and the city’s historic significance.
Ms Sharon Dimanche, Chief of Mission at the International Organisation for Migration (IOM) Nigeria, applauded NiDCOM’s efforts, noting the diaspora’s pivotal role as a catalyst for inclusive and sustainable growth.
Quoting World Bank data, Dimanche said global official remittances amounted to $905 billion in 2024, with Sub-Saharan Africa receiving $56 billion. “Nigeria accounted for $20.93 billion, representing an 8.9 per cent increase over the previous year, according to the Central Bank of Nigeria,” she added.
“These remittances serve as a crucial economic lifeline, supporting households, education, healthcare and livelihoods across the nation,” Dimanche said.
She emphasised that the diaspora’s influence extends far beyond financial inflows. “Nigerian professionals in healthcare, technology, education, arts, finance and public administration are shaping institutions globally while maintaining strong ties to their homeland,” she noted.
Dimanche pointed out that the younger generation of Nigerians abroad, described as innovative, digitally savvy and globally connected, holds immense potential to foster entrepreneurship, civic engagement and technological progress in Nigeria.