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
News
Stop Politicising EFCC Investigation To Blackmail President, APC Chieftain Tells Opposition Parties
A chieftain of the All Progressives Congress (APC) in Osun, Olatunbosun Oyintiloye, has cautioned members of opposition parties under the Economic and Financial Crimes Commission (EFCC) investigation to stop blackmailing President Bola Tinubu and focus on proving their innocence.
Oyintiloye, a member of the defunct APC Presidential Campaign Council, said this while speaking with newsmen on Sunday in Osogbo.
He said that the investigations being carried out by the anti-graft agency on some members of the opposition parties, based on petitions against them, were purely a constitutional matter and in line with international best practices.
Oyintiloye, a former lawmaker said that being a member of the opposition parties should not be seen as immunity against investigation into any alleged financial infractions whenever there were genuine reasons for it.
According to him, members of the ruling party are also being investigated by the EFCC whenever petitions alleging financial infractions are raised against them.
Oyintiloye said that the EFCC has a statutory mandate to investigate financial infractions involving public office holders across party lines without bias or favouritism.
The APC chieftain said that neither Tinubu nor the anti-graft agency would be swayed by unfounded allegations of witch-hunting but would rather continue to do what is right and just for the country.
“The EFCC has a mandate to investigate financial infractions against anyone, irrespective of political affiliations.
“Linking the President to the investigation of alleged financial infractions by opposition members in the name of politics is totally wrong.
“Whether you are a member of the ruling party or opposition, you are not immune to financial investigation.
“I want to caution members of the opposition parties to stop politicising what the EFCC is doing and prove their innocence, if any.
“President Tinubu is a man of honour and integrity, and he will not compromise his ideals in the name of politics. So, it is no longer business as usual,” he said.
According to him, there is no room for graft under the Tinubu administration
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.
I’m A Married Man, I Can Never Get Myself Involved With Such A Thing, Delta Gov Aide Reveals Why He Offered Comfort ₦500,000 Job
Stop Politicising EFCC Investigation To Blackmail President, APC Chieftain Tells Opposition Parties
FG Invites Nigerians To Apply For N100k Interest-Free Loans. No Collateral Needed – Details Emerge
-
Lifestyle2 weeks agoJAPA TO HELL: ‘I Sold My Father’s House For ₦45Million To Relocate To Canada Because Of Bad Government, One Year After I’m Still Jobless’
-
News1 week ago2027 Election: Work Against North If Obi Can’t Become President, Archbishop Tells Igbos
-
News2 weeks agoWinner Emerges As AI Predicts 2027 Presidential Election Between Tinubu, Obi, Atiku (See Result)
-
Lifestyle2 weeks ago4 Wives, 300 Cars, 38 Private Jets And Gold Boats: Meet The Richest King In The World
-
News1 week ago2027 SHOCKER! New Prophecy Reveals On Peter Obi’s Joint Ticket With Atiku
-
Politics2 weeks agoPrimate Ayodele’s Prophecy On Jonathan’s Running Mate For 2027 Election Resurface
-
News1 week ago2027 Election: Jonathan, Peter Obi Deal Revealed
-
Lifestyle6 days agoVIDEO: Mixed Reactions As Pastor Abel Damina Drops BOMBSHELL On Marrying Two Wives As Christian