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Nigeria, Egypt Top $95B Africa Remittance Inflows In 2024

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Nigeria, Egypt Top $95B Africa Remittance Inflows In 2024

Africa received over $95 billion in remittances in 2024, with Nigeria, Egypt, and Morocco leading as top recipients, according to the State of Africa’s Infrastructure Report 2025 by the Africa Finance Corporation (AFC).

The inflow nearly matched total Foreign Direct Investment (FDI) into the continent that year, underscoring the rising significance of diaspora contributions to African economies.

The report highlighted that, aside from 2024, remittances have consistently outpaced FDI, portfolio flows, and official development assistance in recent years—making them one of Africa’s most stable and dependable sources of external finance.

Nigeria continued to rank as a key remittance hub, driven by its large and engaged diaspora. The AFC described the surge in remittances as a turning point, offering a more structured and transparent link between African economies and offshore wealth, marking a shift from decades of capital flight.

“In 2024, Africa received over $95 billion in remittances from its global diaspora—an amount roughly equivalent to total FDI inflows to the continent that year. The largest recipients were Egypt, Nigeria, and Morocco, followed by a growing number of mid-sized economies with substantial emigrant populations.

“Remittances have proven to be a stable and resilient source of external finance, often outperforming portfolio flows and official development assistance in terms of consistency,” the report read in part.

According to the report, between 1970 and 2004, Africa lost over $420 billion to capital flight, much of it through informal and opaque channels. These losses, compounded by labour migration, weakened domestic investment capacity and disconnected African financial systems from wealth held abroad. The figures, cited from estimates by economists Léonce Ndikumana and James K. Boyce, covered 40 Sub-Saharan African countries.

The AFC report sees today’s remittance boom as an opportunity to embed diaspora engagement more deliberately into national development strategies. While a large share of remittances goes toward household consumption, the presence of trusted financial channels is enabling more structured diaspora investments.

One such tool is the diaspora bond. While countries like Ethiopia, Kenya, and Egypt have struggled with uptake due to weak regulatory frameworks, Nigeria’s $300 million diaspora bond issued in 2017 was fully subscribed—thanks to clear terms, credible oversight, and competitive yields. The bond represented 1.4% of the country’s remittance receipts that year.
The AFC also referenced earlier continental initiatives, including the African Diaspora Investment Fund and a proposed African Institute for Remittances. Though progress on these fronts has been slow, the report argues that the groundwork for formal diaspora engagement is in place.

What you should know
Nairametrics earlier reported that Nigeria recorded $282.61 million in direct diaspora remittances in Q1 2024, a 6.28% drop from the $301.57 million recorded in Q1 2023. The data, sourced from the Central Bank of Nigeria (CBN), covers remittances processed through international money transfer operators (IMTOs).

Monthly trends showed mixed performance:
January 2024 saw a 75% year-on-year surge to $138.56 million, up from $79.19 million in January 2023.
February 2024 fell sharply to $39.15 million, down over 53% from $83.76 million in February 2023.
March 2024 also declined to $104.91 million, a 24% drop from $138.63 million in March 2023.
Meanwhile, in March 2025, NiDCOM Chairman/CEO Hon. Abike Dabiri-Erewa disclosed that Nigerians abroad had remitted over $90 billion over the past five years to support national development.

Nigeria also remained the leading recipient of diaspora remittances in Sub-Saharan Africa in 2023, accounting for around 35% of the region’s total inflows. According to a World Bank report, the country received approximately $19.5 billion in 2023, which was the highest in the region.

Nairametrics.com

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BREAKING: Court Sentences Nnamdi Kanu To Life Imprisonment

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Justice James Omotosho of the Federal High Court, Abuja, has sentenced the leader of the Indigenous People of Biafra (IPOB), Mazi Nnamdi Kanu.

Naija News reports that Justice had earlier convicted Kanu on all seven counts levelled against him by the Federal Government.

The judge sentenced Kanu to life imprisonment for count 1, 2, 4,5, and 6.

He also sentenced Kanu to 20 years forcount 3 without option of fine.

The Judge sentenced Kanu to five years in prison on count seven without option of fine.

Justice Omotosho ruled that he should not be kept in Kuje prison. He forfeited Nnamdi Kanu’s radio transmitter and barred him from access to social media.

More are still coming

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Just In: FG Urges Court To Impose Death Sentence On Nnamdi Kanu

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The Federal Government has urged the Federal High Court in Abuja to impose the death sentence on the detained leader of the proscribed Indigenous People of Biafra (IPOB), Nnamdi Kanu, following his conviction on all seven terrorism counts.

The request was made on Thursday by the FG’s lead counsel, Chief Adegboyega Awomolo (SAN), shortly after Justice James Omotosho found Kanu guilty of all charges preferred against him.

Awomolo, addressing the court after the verdict, argued that the severity of Kanu’s actions merited the maximum penalty under the law.

The senior lawyer insisted that Kanu committed “many illegalities” and should not be treated with leniency.

Awomolo further reminded the court that four of the seven counts on which Kanu was convicted carry the death sentence under Nigeria’s terrorism laws.

He urged Justice Omotosho to take this into account in determining the appropriate punishment.

“It will not be considered justice that he is isolated and punished lightly in a country where we have Boko Haram, ISWAP, Lakurawa, et cetera,” he argued.

According to the prosecution, Kanu’s actions were as destabilising as those of other violent groups and should be treated with equal seriousness.

Awomolo also urged the judge to ensure that Kanu is kept in a secure correctional facility pending the court’s final pronouncement on sentencing.

He stressed the need to prevent any disruptions or security breaches involving the IPOB leader while the sentencing process is underway.

Kanu was earlier found guilty of inciting violence, ordering attacks on security personnel, calling for killings, and issuing threats capable of terrorising the public, all captured in broadcasts tendered as evidence by the prosecution.

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Court Finally Delivers Judgement In Nnamdi Kanu’s Terrorism Case

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Justice James Omotosho of the Federal High Court, Abuja, has delivered his ruling in the case between the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, and the Federal Government.

Naija News reports that the judgement was given in Nnamdi Kanu’s absence after the judge had ordered security operatives to kick him out of the court over his unruly behaviour.

Nnamdi Kanu had earlier stated that the Federal High Court sitting in Abuja does not have the jurisdiction to try him.

The separatist, who has been in custody since 2021, faced seven terrorism-related charges bordering on alleged incitement, running an unlawful group, and acts threatening national security.

The IPOB leader contended that the Terrorism Prevention and Prohibition Act, under which he is being prosecuted, has been repealed.

He urged the court to strike out the charges, describing them as “disclosing no offence known to law” and therefore invalid.

Kanu also requested that the court nullify the “purported plea of not guilty” entered on his behalf, claiming it was obtained through deception and contrary to a Supreme Court ruling.

He further asked the court to set aside all subsequent proceedings and order his immediate release.

“My contention is very simple: this court lacks jurisdiction to try me,” he said.

Delivering ruling on Thursday, Justice Omotosho ruled that the court has the authority to preside over the Nnamdi Kanu case.

The judge also stated that the matter of extradition has been settled by the Supreme Court, and he ruled against Kanu in this regard.

On the issue of fairness in the hearing for Nnmadi Kanu, Omotosho ruled against the IPOB leader, stating that the court ensured he received a fair hearing.

On the defendant not entering his defence, Justice Omotosho said: “I begged the defendant passionately to enter his defence, but he remained obsolete. That shows that he chose to rest his case on the prosecution. Which is a gamble and a risky action.”

The court found Nnamdi Kanu guilty and convicted him of count 1 in the charges filed against him by the federal government.

The Judge said: “The court will rely on the uncontroverted evidence of the prosecution. This court, therefore, finds that the prosecution has discharged Count 1 beyond reasonable doubt. Consequently, the defendant (Kanu) is hereby convicted in respect of Count 1.”

More judgement is being read and this report will be updated as it comes in…….

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