News
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
The All Progressives Congress (APC) has emerged winner of the Ghari/Tsanyawa supplementary election in Kano state
The returning officer, Professor Muhammad Waziri of Bayero University, declared Garba Ya’u Gwarmai of the APC winner with 31,472 votes
Waziri defeated the candidate of the New Nigeria Peoples Party (NNPP), Yusuf Ali Maigado, who polled 27,931 votes
The All Progressives Congress (APC) has secured victory in the Ghari/Tsanyawa supplementary election held in Kano state.
Announcing the results on Sunday morning, August 17, the returning officer (RO), Professor Muhammad Waziri from Bayero University, declared APC candidate Garba Gwarmai the winner with a total of 31,472 votes.
He defeated the candidate of the New Nigeria Peoples Party (NNPP), Yusuf Maigado, who polled 27,931 votes, according to The Punch.
The supplementary poll was conducted after the initial election in the constituency was declared inconclusive. With a margin of 3,541 votes, Gwarmai’s victory marks a key win for the APC as the party continues to reinforce its influence across the state.
Meanwhile, the NNPP won the Bagwai/Shanono state assembly by-election in Kano state.
Daily Trust and Vanguard noted this update.
Announcing the result at 12:36 a.m. on Sunday, August 17, the RO for the election, Prof. Hassan Adamu Shitu, declared the NNPP candidate, Ali Hassan Kiyawa, winner with 16,198 votes, defeating the APC candidate, Ahmad Muhammad Kadamu, who polled 5,347 votes.
Former Governor of Niger State, Dr. Babangida Aliyu, has said that the administration of President Bola Tinubu is performing well but lacks an effective communication strategy to relay its achievements to Nigerians.
Aliyu made the statement on the Thursday edition of Arise Television’s ‘The Morning Show’, while reacting to the outcome of a recent public accountability session held in Kaduna.
Aliyu, reflecting on the discussions at the Kaduna Forum, said the government is facing public dissatisfaction not because it hasn’t delivered, but because it is failing to tell its own story effectively.
The ex-governor said it is proper for political leaders in the North to make demands from Tinubu’s administration since the bulk of the votes that took power came from the region.
“Let the people understand what is happening on the ground. If by what we say that 63/64 percent of the vote came from the north, it is only logical that the north will be expecting so much from the government.
“But from what we have seen so far is that the government is doing well but they do not know how to communicate very well,” he said.
News
New Twist As El-Rufai Snubs ADC, Announces Another Party To Vote In Kaduna Bye-Election [ Video Trends]
Former Kaduna governor, Nasir El-Rufai, appeared to have taken a reverse from the coalition’s adopted political platform, ADC
This is as the former governor took to social media and asked the people of Zaria, Chikun to vote for another party in the Saturday, August 16 (today), bye-elections in the constituencies in Kaduna
Recall that the former governor recently visited Sokoto to canvass support for the ADC, while criticising President Bola Tinubu and the APC government.
Click to watch El-Rufai’s video here
— Nasir Ahmad El-Rufai (@elrufai) August 14, 2025
Nasir El-Rufai, the immediate past governor of Kaduna, has fueled speculations that he dumped the recently adopted coalition political platform, African Democratic Congress (ADC), as he called on the people of Chikun/Kajuru federal constituency and Zaria Kewaye and Basawa state constituency to vote for the Social Democratic Party (SDP).
However, in a dramatic turn, the former governor urged the people of Zaria and Chikun to vote for the SDP in the Saturday, August 16, by-election, a poll which was meant to test the opposition’s strength ahead of the 2027 general election.
Recall that El-Rufai defected to the SDP after dumping the ruling All Progressives Congress (APC), but soon after joining the party, the SDP fell into a leadership crisis, and the former governor has been silent on his membership and allegations against him.
El-Rufai recently visited Sokoto on a mission to gather support for the ADC. He described his action as a patriotic one to rescue Nigeria from the grip of ‘nepotism’ and ‘incompetence’.
During his visit to Sokoto, the former governor attended two important events meant to sensitise the people and political stakeholders working to achieve the agenda of sacking President Tinubu and the APC in the next general election.
During his address at the event, the former governor lambasted the ruling party and called them ‘a failed, clannish, and visionless administration that has plunged Nigeria into deeper socio-economic misery’.
He declared that it was time for Nigerians to rise against the APC and accused the party of ‘broken promises and elite conspiracy’. He warned that any move to vote for the APC beyond 2027 would be a greater doom for the country.
However, in a sharp turn, the former governor, in a video posted on his social media page ahead of the by-election, urged the people in the constituencies where the poll will be held in Kaduna on Saturday, August 16, to vote for the SDP rather than the ADC he went to Sokoto to canvass for.
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