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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
News
JUST IN: APC Releases List of Disqualified Aspirants Nationwide (FULL LIST)
The All Progressives Congress has released a list of House of Representatives aspirants marked “not cleared” across several states, including Ondo, Bauchi, Ebonyi, Kogi and Rivers, ahead of its National Assembly primaries for the 2027 general elections.
In a statement on Saturday signed by National Publicity Secretary, Felix Morka, the list formed part of the party’s screening process, which determined eligibility for participation in the primaries across constituencies.
According to the statement, “The screening exercise was conducted by the Party’s Screening Committees in line with established procedures and guidelines.”
Here is the full list:
ONDO STATE (Not cleared aspirants)
The following aspirants were marked “not cleared”:
Hon. Adefisoye Tajudeen (Idanre/Ifedore)
Olusegun Victor Ategbole (Akoko South-East/South-West)
Seun Oluwashina Ajongbolo (Akoko South-East/South-West)
Rt. Hon. Arowole Ayodeji Samuel (Owo/Ose)
Morufu Tosin Ibrahim (Akoko North-East/North-West)
Oseni Oyeniyi (Akoko North-East/North-West)
Olaleye John Adedipe (Akoko North-East/North-West)
BAUCHI STATE
Dr. Bashir Ibrahim Bello (Darazo/Ganjuwa Federal Constituency)
EBONYI STATE
Hon. Idu Igariwe (Afikpo/Edda Federal Constituency)
KOGI STATE
Sanni Salau Ogembe (Okene/Ogori-Magongo Federal Constituency)
RIVERS STATE
Air Commodore John Azubuike Opara (rtd) (Port Harcourt Federal Constituency)
Hon. Anderson Allison Igbiki (Okrika/Ogu-Bolo Federal Constituency)
Awaji Imombek D. Abirite (Andoni/Opobo-Nkoro Federal Constituency)
Hon. Boma Goodhead (Asari-Toru/Akuku-Toru Federal Constituency)
The APC did not provide detailed explanations for the “not cleared” status of the affected aspirants.
Meanwhile, in Katsina State, the Special Assistant on Girl Child Education and Development to Governor Dikko Radda, Jamila Mani, emerged winner of the APC primary for Mani/Bindawa Federal Constituency.
In Adamawa State, the House of Representatives’ direct primaries were disrupted in several wards following the absence of officials expected to conduct the exercise. Party members in Girei, Yola North and Yola South waited for hours without official communication on commencement.
The APC primaries are part of preparations for the 2027 general elections.
Punch
News
Senate Finally Announces Name of Proposed New State
Senate President Godswill Akpabio has reaffirmed legislative and political backing for the creation of Anioma state.
Akpabio spoke on Wednesday, while addressing party members at the South-South zonal congress of the All Progressives Congress (APC) in Asaba, Delta state.
The Senate president said the President Bola Tinubu administration remains committed to the initiative.
Akpabio said Warri would serve as the capital of the new Delta state if Anioma is created.
He said Warri already has key infrastructure, including an airport, government offices, major oil companies, a seaport, and a stadium.
Governors of Delta, Edo, Bayelsa, Akwa Ibom, Rivers, and Cross River attended the congress.
Other political leaders and party stakeholders from across the south-south region were also at the event.
Akpabio described the agitation for Anioma state as historically justified, noting that the proposal reflects a long-standing aspiration rooted in equity, administrative efficiency, and balanced development.
The Senate president said the initiative, championed by Ned Nwoko, senator representing Delta North, has continued to receive legislative attention.
Akpabio added that the proposal ranks among the priorities of the 10th Senate, adding that the creation of Anioma state would come with socio-economic and administrative benefits.
The ex-Akwa Ibom governor said the restructuring would split Delta state into two viable entities and promote decentralisation.
“Anioma state will be created, with Asaba as its capital. The Senate fully supports the initiative spearheaded by Senator Ned Nwoko,” he said.
“This step will usher in a new era of development and shared prosperity for all constituent communities.
“With Asaba as Anioma state capital, Warri will be the capital of the new Delta.”
Akpabio also called for unity among the people of the South-South region.
He urged stakeholders to support the Renewed Hope Agenda of the Tinubu administration, emphasising that such support would promote sustainable growth and national integration.
In November 2025, Nwoko announced that the bid to create Anioma state has gained significant momentum, with constitutional amendment committees and Tinubu backing the endeavour.
He said 97 senators previously signed a document endorsing the move, describing the level of support as unprecedented.
News
BREAKING: Dangote Refinery Sues Nigeria’s Attorney-General; Reason Emerges
Fresh tensions are emerging in Nigeria’s downstream oil sector as Dangote Petroleum Refinery moves to halt the continued importation of petrol into the country through a new lawsuit challenging fuel import licences granted to oil marketers and the Nigerian National Petroleum Company Limited (NNPCL).
Court documents seen by Reuters showed that the refinery instituted the suit against Nigeria’s Attorney General, seeking to overturn import permits issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The legal dispute comes almost a year after Dangote Refinery withdrew an earlier case that similarly challenged the issuance of fuel import licences to the NNPCL and several fuel trading firms.
In the fresh filing before the Federal High Court in Lagos, the refinery asked the court to nullify import permits recently issued or renewed by the NMDPRA, arguing that the approvals violated an existing court order directing parties to maintain the status quo pending determination of the matter.
The NMDPRA had yet to respond to requests for comments as of the time of filing this report.
Fuel marketers and regulators have repeatedly defended the continued issuance of import licences, insisting that petrol imports remain necessary to guarantee adequate supply across the country and prevent shortages in the domestic market.
Dangote Refinery, however, maintained in its court filing that the licences issued this month “undermine its operations” and violate provisions of the law which, according to the company, only permit the importation of petroleum products when local production is unable to meet national demand.
The refinery had in July 2025 discontinued a previous lawsuit challenging similar licences without publicly stating the reason for the withdrawal, leaving unresolved questions over market competition and the future structure of Nigeria’s fuel supply chain.
Nigeria has historically depended on imported petrol due to the long-standing poor performance of state-owned refineries. The Dangote Refinery, valued at about $20 billion and designed to process 650,000 barrels of crude oil per day, was expected to significantly reduce or eliminate the country’s dependence on imported refined products.
Despite the commencement of operations at the facility, fuel importation has persisted, with industry players arguing that imported products are still required to bridge supply gaps as the refinery continues to expand output.
The latest court action is likely to intensify conversations around fuel market regulation, local refining capacity and the broader implementation of Nigeria’s petroleum laws, especially amid growing expectations that domestic refineries should gradually take over the country’s fuel supply needs.
Overttime, there has been tension in the Nigerian oil sector.
SaharaReporters earlier reported that Dangote Petroleum Refinery accused Nigerian upstream oil producers of failing to supply crude oil to the facility as required under the country’s petroleum law, forcing the refinery to rely heavily on international traders who charge additional premiums.
In a statement issued by its management, the refinery said the situation has significantly increased operational costs, even as it struggles to maintain stable fuel supply in Nigeria amid global energy market volatility.
“The high crude cost is compounded by the fact that Nigeria’s upstream producers have failed to supply crude oil to the refinery as required under the PIA, forcing us to source a substantial portion through international traders who charge an additional premium,” the company said.
The refinery explained that the situation has made crude procurement more expensive, particularly because Nigerian crude oil itself trades at a premium above global benchmark prices.
-Source: SaharaReporters
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