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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: KWAM 1 Writes Ogun Govt, Accuses Fusengbuwa Ruling House of Plot to Exclude Him From Awujale Selection

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Popular Fuji musician and Olori Omooba of Ijebu land, Alhaji Wasiu Ayinde Marshal, widely known as KWAM1, has written to Ogun State Governor, Dapo Abiodun, alleging that he is being deliberately sidelined from the ongoing process to select the next Awujale of Ijebu land.

Ayinde, in a petition dated January 8, 2026, accused the Fusengbuwa ruling house next in line to produce the monarch of taking actions that allegedly violate the Chieftaincy Declaration and the Obas and Chiefs Law of Ogun State. He claimed the moves were designed to disenfranchise him from contesting for the revered throne.

The letter, written on his behalf by his lawyer, Dr. Wahab Shittu, SAN, was addressed to Governor Abiodun and outlined what the Fuji star described as procedural irregularities in the selection process.

According to the petition, the contest for the Awujale stool has attracted over 60 aspirants, with Ayinde formally declaring his interest. However, the Fusengbuwa family has maintained that KWAM1 is not a member of the ruling house and is therefore ineligible to participate in the exercise.

Before writing to the governor, Ayinde had approached the Ogun State High Court sitting in Ijebu Ode, seeking an interim injunction to restrain Governor Abiodun and six others from continuing with the selection process. The court, however, dismissed the application, ruling that it lacked merit. The musician later withdrew the suit without publicly stating his reasons.

In his latest letter, Ayinde disclosed that the Ijebu Ode Local Government, via a letter dated January 6, 2026, signed by its Secretary, Oke Adebanjo, had approved the commencement of the selection process by the ruling house.

He expressed surprise that while members of the Fusengbuwa family were preparing for a general meeting, the family’s Public Relations Officer, Prince Adeleye Lateef Ademuyiwa, allegedly issued a notice directing aspirants to collect nomination forms and appear before a screening committee.

The screening committee, according to Ayinde, is chaired by Prince Alhaji Mitiu Adenuga. He further alleged that the directive fixed the nomination exercise for Monday, January 12, 2026, while also stating that the process would be conducted by delegates to be selected at a meeting scheduled for January 10, 2026.

Ayinde argued that the sequence of events was confusing, contradictory, and contrary to established laws guiding traditional chieftaincy matters in Ogun State.

As of the time of filing this report, neither the Ogun State Government nor the Fusengbuwa ruling house had officially responded to the allegations.

Lagos Reporters will continue to monitor developments surrounding the Awujale succession process and provide updates as the story unfolds.

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“Do Not Test Trump’s Resolve”: US Issues Fresh Threat To Nigeria

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A United States Congressman, Rep. Riley M. Moore, has warned Nigeria not to take the resolve of President Donald Trump with levity, adding that the US president remained steadfast in his bid to protect Christians in Nigeria, while reiterating the false allegation that Christians have continued to face prosecution in the West African country.

Moore’s warning came days after the US president issued another military action in Nigeria, adding that he would not be carrying out a single operation in Nigeria if the alleged Christian persecution continues in the country.

The threat came days after the United States launched a military strike in Sokoto, targeting some terrorist hideouts in the country. The strike affected other states such as Niger and Kwara.

However, Trump, in an interview with The New York Times, published on Thursday, January 8, while responding to questions about a US military strike carried out in Nigeria on Christmas Day, said: “I’d love to make it a one-time strike. But if they continue to kill Christians, it will be a many-time strike,” Trump said.

Moore took to social media to reiterate Trump’s second threat to the country and warned Nigeria against overlooking the threat. His warning did not sit well with many Nigerians, who took to the comment section of the post and expressed their views about his claim. Below are some of their comments:

Omolayo accused the US of bombing a Christian country, Venezuela, and stealing its oil: “What about Venezuela, which is 80% Christian? Trump doesn’t care about Christians, but I grudgingly welcome his presence in the northern part of Nigeria.”

Umar Yusuf Dayyabu knocked the US: “The same US that just finished bombing a Christian country (Venezuela) and is currently stealing their oil is now claiming to want to save Christians in Nigeria. The US only wants our natural resources, that’s it.”

Amadu Yahuza accused the Trump administration of imperialism: “Let’s be clear: if the U.S. is claiming to defend Christians in Nigeria but simultaneously tightens visa access for Nigerians broadly, including Christians, that is not solidarity, it’s hypocrisy. Trump’s statements about Nigerian Christians are political branding, while visa restrictions, federal actions, and international messaging are geopolitical moves.”

Garvy accused the lawmaker of turning a blind eye to the killing of Christians in the US: “I guess you were blind to Christians murdered right in front of your nose in Salt Lake City, and you were blind to that. Suppose their lives don’t matter, right?”

You can read more reactions on X here:

 

 

 

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Buhari’s Ex-Minister Pantami Breaks Silence Over Alleged Wedding Plan With Aisha Buhari

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False claims linking former Minister of Communications and Digital Economy, Professor Isa Ali Pantami, with former First Lady, Hajiya Aisha Buhari, have been dismissed after an independent verification found the story to be entirely fabricated.

The rumour, which spread rapidly across Facebook and X, alleged that the two were planning a marriage and circulated alongside an image described online as a pre wedding photograph.

The post gained wide traction after several users pointed to Aisha Buhari’s completion of her Islamic mourning period following the death of former President Muhammadu Buhari in July 2025.

Public figures also reshared the image, drawing thousands of comments and reactions and fuelling speculation among social media users.

A fact check carried out by PRNigeria found no credible evidence supporting the claim. Reviews of the verified social media accounts of both Pantami and Aisha Buhari showed no statements or references linked to any marriage plan. Searches across reputable news platforms also returned no matching reports.

Further forensic analysis subjected the viral photograph to InVid verification and artificial intelligence detection tools. The assessment confirmed that the image was digitally manipulated and generated through artificial means, with faces inserted into a wedding-themed template.

Pantami addressed the allegation directly in a phone conversation with PRNigeria.

“It is shocking that anyone would fabricate such a rumour. President Buhari is a father figure to us, and we regard his widow as a mother. The claim is baseless and impossible,” he said.

Bashir Ahmad, a former media aide to the late president, also rejected the story on his Facebook page in Hausa.

“The story being circulated that Hajiya Aisha Buhari has agreed to marry Sheikh Isa Ali Pantami is an outright lie. There is absolutely no truth in it whatsoever,” Ahmad wrote.

Additional context emerged from a recently released biography titled From Soldier to Statesman: The Legacy of Muhammadu Buhari, authored by Dr. Charles Omole and launched at the State House in December 2025. The book records Aisha Buhari as stating clearly that she has no intention of remarrying, citing family responsibilities and a desire for a quieter public life.

The former president died in London on July 13, 2025, at the age of 82. He married Aisha Buhari in 1989 and is survived by his wife, children and grandchildren. Speculation around her personal life increased online after she completed the traditional mourning period in November 2025.

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