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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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Atiba Varsity Tasks New Staff, Places Premium On Academic Excellence

The Vice Chancellor of Atiba University, Oyo, Professor Sunday Okeniyi, has enjoined the newly employed staff of the institution to develop the spirit of teamwork, respect, and discipline, which are the hallmarks of every successful institution.
Okeniyi disclosed this during the orientation programme for the newly employed staff of the institution.
While welcoming the newly employed staff, he also congratulated them on their successful appointment into the fast-rising institution. “Your joining us today is not by chance, but by merit, commitment, and the will of God. Atiba University is a citadel of learning and character formation, envisioned to nurture and produce men and women of excellence, integrity, and service. By becoming part of this family, you are now co-builders of this noble vision.”
The V-C said the orientation programme was a deliberate initiative of the management to formally integrate the new staff into the University system. “It is designed to give you a clear understanding of our mission, vision, core values, rules, and operational culture. Our goal is not just for you to work here, but for you to thrive, contribute meaningfully, and leave an indelible mark on the growth and transformation of this University.”
He explained that the university places a premium on academic excellence, innovative research, moral uprightness, and community development. These values define the identity and are the standards the staff must all uphold in their respective assignments—whether as academic staff shaping young minds or as non-teaching staff providing essential support services that make our work possible.
While admitting much needed to be done, Okeniyi said the institution has recorded remarkable progress within a short time. “The future we envision—a future of global competitiveness, leadership in innovation and knowledge, and impact within and beyond Nigeria—requires the collective commitment of every member of staff. That includes you. Your dedication, creativity, and professionalism are needed to propel us forward,” he said.
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This Is War, Kill Every Single One Of Them – Fani-Kayode Blows Hot Over Zamfara Mosque Massacre

Former Aviation Minister Femi Fani-Kayode has condemned the gruesome murder of five worshippers during an early morning prayer in Yandoto village, Tsafe Local Government Area of Zamfara State.
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Speaking via his 𝕏 account, he insisted that the killers should be wiped out, adding that there should be no room for discussions or negotiations.
Fani-Kayode asserted that the killers are terrorists not bandits and described their actions as an act of war.
He wrote: “These are not bandits. Pls stop calling them bandits. They are bloodthirsty killers and terrorists and every single one of them should be wiped off the face of the earth.
“If our people cannot worship God in peace then we have nothing. No negotiation, no discussion, no ransom payments, no rehabilitation.
“This is WAR. Kill every single one of them, wipe out their blood line and decimate their communities and abodes. There is no place on earth for those that slaughter innocent civilians.”
Meanwhile, the Peoples Democratic Party (PDP) in Kwara State has accused Governor AbdulRahman AbdulRazaq of failing to address the escalating banditry crisis in the state.
Naija News reports that a deadly attack occurred on Sunday in Oke-Ode, Ifelodun Local Government Area, which left several residents and vigilante members dead.
Speaking via a statement on Monday, the Publicity Secretary of the party, Olusegun Olusola Adewara, described the massacre as “a despicable and senseless act.”
He blamed the governor for the insecurity situation in the state, noting that it is a monumental leadership failure.
Adewara said, “The gruesome videos of the casualties circulating online make it look like Kwara is now at war. Under AbdulRahman’s watch, terror is reigning, kidnappers are taking over rural villages, and nowhere is safe again.”
The opposition party faulted AbdulRazaq’s alleged silence and absence from the affected community, insisting that a responsible leader should have personally visited Oke-Ode to commiserate with victims’ families and give assurances of decisive action.
It further accused the governor of neglecting local vigilantes and security personnel “battling criminals in the bush,” while diverting funds to “footballers and entertainers outside the state.”
The PDP’s criticism comes amid rising concern in Kwara North, where repeated bandit attacks have forced residents to abandon farms, schools, and businesses.
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Nigeria @65: Atiku Knocks Tinubu’s Government In Strongly-Worded Independence Day Message; Details Emerge

Former Vice President Atiku Abubakar, has praised Nigerians for what he described as “uncommon patience, endurance, and resilience despite living under suffocating socio-economic and security conditions”
In his Independence Day message to Nigerians, the opposition leader alleged that the ruling All Progressives Congress (APC) administration had abandoned Nigerians to their fate
Atiku lamented that Nigerians were enduring pains from “raging insecurity, rising food scarcity, mass unemployment, and a dangerous climate of hopelessness all “compounded by the insensitivity of the APC-led administration
In an Independence Day message released by his media office, obtained by Legit.ng, Atiku lamented that Nigerians are enduring excruciating pains from raging insecurity, rising food scarcity, mass unemployment, and a dangerous climate of hopelessness.
The presidential hopeful accused the Tinubu administration of being insensitive to the plight of Nigerians.
Atiku declared: “It is tragic that in a country blessed with immense human and material resources, millions of our people have been reduced to refugees and beggars in their fatherland. Every responsible government holds the welfare and security of its citizens as supreme. But what we have today is an administration that has abandoned its people. Hunger is killing Nigerians, bandits are massacring communities, yet President Tinubu and his cabinet stand by, unmoved and uncaring.”
Furthermore, Atiku called on citizens not to lose faith, reminding Nigerians that the 2027 election provides a clear opportunity to reject bad leadership and reclaim the promise of a better tomorrow.
He said: “The beauty of democracy lies in the power of the ballot. Oppressed and battered as our people may feel today, they will have the chance to sweep away this inept government at the next polls. That is the power no cabal can take away from the people.”
At 65, Atiku noted, Nigeria remains “a giant moving painfully slow on feet of clay”.
The 78-year-old blamed Nigeria’s condition on “a direct result of decades of poor leadership and wasteful governance.”
He bemoaned: “Yet, he urged Nigerians to keep hope alive, insisting that with the right leadership, the country can still rise from the ashes of failed governance to reclaim its rightful place among the comity of nations.”
PRESS RELEASE
Nigeria @65: @atiku Hails Nigerians’ Courage, Blasts APC Over Economic Strangulation
Former Vice President of Nigeria and Waziri Adamawa, Atiku Abubakar, has paid tribute to the uncommon patience, endurance, and resilience of Nigerians who, despite living under… pic.twitter.com/cPnI9KzxrJ
— Paul Ibe (@omonlakiki) September 30, 2025