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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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Yorubaland No Longer Safe, Terror Cells Expanding — Gani Adams

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When the terrorists started operating in the northern part of the country, attacking communities and schools and abducting not only the residents but also  pupils and students, many people never believed they would find their way to the South West part of the country. But when they took over Kwara, about a year ago, some raised the alarm that the South West was the next target.

This came to pass last week Friday. They attacked Community High School Ahoro-Esinele and Yawota Baptist Nursery and Primary School in Oriire Local Government Area of Oyo state, abducting 39 pupils and students including a two-year-old toddler and seven teachers. One teacher was killed in the process while another one was beheaded in captivity. All the victims are still being held by the terrorists one week after. Following the terrorists’ attack, there have been palpable fears in the south west region as many communities have been deserted. The residents have fled their homes and are taking refuge elsewhere.

But the frightening reality which is giving security experts sleepless nights is that these terrorists have already blended into everyday life in the south west. These individuals are described as sleeper cells. According to security experts, these terrorist cells do not arrive carrying flags or announcing their intentions. Instead, they move quietly into communities, rent apartments, establish businesses and build relationships.

Security experts warn that Nigeria’s greatest security threat may no longer be only terrorists occupying forests and ungoverned spaces, but hidden networks operating unnoticed within towns and cities, patiently waiting for the right moment to strike. They said the most dangerous enemy is often the one no one suspects, not always the insurgent wielding an AK-47 in a conflict zone, but sometimes the familiar face that greets neighbours daily, attends community gatherings, and appears fully integrated into society.

They are individuals or networks embedded within civilian populations, operating quietly for months or years while gathering information, studying security patterns, recruiting sympathisers, building local contacts, and waiting for instructions before attacks eventually occur. They are terrorist cells. They are no longer only in the north, they have found places down south.

Their weapon is not merely explosives or guns; it is patience. Unlike conventional terrorists, sleeper cells rarely strike immediately. They study communities, observe security routines, and identify vulnerable targets. Some facilitate the movement of money or logistics. Others provide safe houses, recruit sympathisers, or monitor critical infrastructure. By the time violence erupts, security analysts say the groundwork may already have been completed.

This is why the stakeholders in the south west including the elders, leaders and activists are lamenting that the region is no longer safe. They are asking the state governments in the region to rise up to the challenge and make Yorubaland safe for the people.

Yorubaland no longer safe — Oladotun

In his reaction, the President, Yoruba Council Worldwide, Mr Hassan Oladotun said,”the recent invasion of some schools in Oyo by terrorists has shown that Yorubaland is no longer safe. It is better for governors across the region to jettison politics and take collective action towards safeguarding the region from total invasion by bandits and terrorists. It is obvious that the Amotekun outfit is either losing focus or it has been abandoned for bandits to have the audacity to move their activities into Yorubaland, especially Ogbomoso and parts of Oyo State. It is a signal that the region is no longer safe.

“The menace started from Ekiti State areas which share boundaries with Kwara State and we thought the establishment of the outfit would put a stop to the movement of the bandits towards the southwest.

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Ekiti Local Government Vice-Chairman Kidnapped By Gunmen

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Armed Robbers Kill Phone Shop Operator In Abuja
Gunmen Abduct and Later Release Ekiti Council Vice-Chairman After Joint Rescue Operation

The Abduction

Gunmen intercepted Grace Ogunleye, the Vice-Chairman of Ilejemeje Local Government Area, along the Ipere–Iludun road on Wednesday, May 20, 2026. The incident occurred while she was driving toward Ido Ekiti following an official visit to the local government secretariat. Her abandoned vehicle was later found by the roadside, and her mobile phone was switched off immediately following the attack. Falade Sunday, the LGA’s director of information, quickly alerted security forces to launch a search.

The Rescue

Following a swift, coordinated operation, the Ekiti State Police Command confirmed that Ogunleye was rescued unharmed. Police spokesperson Sunday Abutu stated that a joint team of police officers, military personnel, and local security operatives successfully pressured the kidnappers into releasing her. Falade Adegoroye Michael, the Ekiti State Commissioner of Police, has ordered a full-scale investigation to track down and arrest the fleeing suspects.
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Meet 39-Year-Old Prof. Segun Aina Appointed As New JAMB Registrar

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President Bola Tinubu has appointed 39-year-old Professor Segun Aina as the new Registrar of the Joint Admissions and Matriculation Board, succeeding Professor Ishaq Oloyede, whose tenure expires on July 31, 2026.

The appointment was announced in a statement issued on Thursday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

Oloyede’s decade at JAMB was, by most accounts, transformational. Within three years of assuming office in 2016, he overhauled the board’s operations and finances. Remittances to the Federal Government rose sharply from less than ₦50 million between 1978 and 2016, to ₦7.8 billion in 2017 alone.

From 2016 to 2026, JAMB remitted ₦20.7 billion in operating surplus and funded physical and human development projects from internally generated revenue.

Here are key facts about Prof. Aina:

1. Aina is a professor of Computer Engineering at Obafemi Awolowo University, Ile-Ife, with expertise in digital infrastructure, national examination systems and institutional reforms.

B.Eng. (Hons.) Computer Systems Engineering – 2008

M.Sc. Internet Computing and Network Security – 2009

Ph.D. Electrical Engineering (Signal Processing) – 2015

Registered Engineer, Council for the Regulation of Engineering in Nigeria (COREN) – 2017

. He is a distinguished academic and systems expert with extensive experience in national examination systems, digital infrastructure, and public-sector institutional reform.

3. He holds a Bachelor of Engineering in Computer Systems Engineering from the University of Kent, an MSc in Internet Computing and Network Security.

4. He also holds a PhD in Digital Signal Processing, both from Loughborough University, United Kingdom.

5. He has also completed the Senior Management Programme at Lagos Business School.

Aina has over 15 years of professional experience advising federal and state governments on digital transition, institutional reforms and system design.

7. He is one of Nigeria’s youngest professors in Computer Engineering and will become the youngest registrar in JAMB’s history.

8. Aina had previously worked as a consultant to examination bodies, including the National Examinations Council and the National Business and Technical Examinations Board on ICT systems and examination integrity.

 

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