Connect with us

News

Nigeria, Egypt Top $95B Africa Remittance Inflows In 2024

Published

on

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

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

BREAKING: Tinubu Gives Three Fresh Appointments

Published

on

Nigeria, Benin Sign Integration Pact

President of Nigeria, Bola Tinubu
President Bola Tinubu has approved the appointment of three indigenes of Oyo State to the Surveyors Council of Nigeria.

Naija News learnt that the latest development was confirmed in an appointment letter obtained by Punch, which was signed by the Permanent Secretary, General Services Office, Ibrahim Abubakar, on behalf of the Secretary to the Government of the Federation, George Akume.

Tinubu appointed Moshood Akinwande as President of the Surveyors Council of Nigeria, alongside Olusoji Adeoye and Olaribigbe Shiyanbola as members of the council representing Oyo State.

According to the letter, the new council members will be inaugurated on Tuesday, July 21, 2026, at the SGF’s Hall, Shehu Shagari Complex, Three Arms Zone, Abuja.

The letter read, “I write with reference to the above subject to forward herewith a copy of Mr President’s approval for the appointment of the President and members of the Surveyors Council of Nigeria and to convey the Secretary to the Government of the Federation’s approval for the inauguration of the council as follows.

“The new council members will be inaugurated on Tuesday, July 21, 2026, at the SGF’s Hall, Shehu Shagari Complex, Three Arms Zone, Abuja.

“Members cut across various interest groups, including representatives of the Nigerian Institution of Surveyors from the states, academic institutions offering surveying courses, the military, among others.”

Akinwande, a retired director in the Office of the Surveyor-General of the Federation, is a native of Oyo town.

Adeoye is the Surveyor-General of Oyo State, while Shiyanbola, who hails from Ipapo in Itesiwaju Local Government Area of the state, is a former Oyo State Chairman of the Nigerian Institution of Surveyors and former Secretary of the Board of Fellows of the Nigerian Institution of Surveyors.

Continue Reading

News

Wike Gives Condition to Resign From Tinubu’s Cabinet, Video Surfaces 

Published

on

Tinubu and wike

Nyesom Wike, minister of the Federal Capital Territory (FCT), has publicly dared critics to disprove road construction claims tied to President Bola Tinubu’s administration, staking his resignation on the figures he presented at a commissioning ceremony in Abuja on Friday, July 17, 2026.

Speaking during the inauguration of the reconstructed Arab/Gbazango road in Kubwa, Wike said 221 kilometres of roads have been completed out of 317 kilometres awarded across satellite towns in the FCT since Tinubu assumed office in May 2023

The minister directed his remarks at those he described as detractors of the administration’s urban renewal programme.

Wike said: “The people of the satellite towns have felt the impact of governance. It has never happened in the history of the administration of this country. “If there is anybody who has a contrary view, let him come out and challenge us that all these you are saying is not correct, I will resign as the minister of the Federal Capital Territory.”

The event was tagged “Day 28” of a running series of FCT project commissionings, reflecting what the minister characterised as an accelerated delivery of infrastructure across the capital territory.

Legit reports that the Arab/Gbazango Road in Kubwa was among the projects cited as evidence of Tinubu’s administration’s ‘commitment to completing long-neglected routes in residential communities surrounding Abuja’s city centre’.

Wike’s remarks come amid ongoing debate between government officials and opposition figures over the pace and scale of federal infrastructure delivery.

While the minister presented the kilometre figures as evidence of tangible progress, critics have continued to question the scope and quality of projects executed under the current FCT administration

Watch Wike’s video below:

https://whatsapp.com/channel/0029Vb6MjoWICVfrgvYOI845/694

 

Continue Reading

News

BREAKING: Mystery Deepens as Fresh Details Emerge in Mary Habila’s Death at Tinubu Minister’s House

Published

on

The Ebonyi State Ministry of Justice has recommended that a post-mortem examination be conducted to determine the cause of death of 26-year-old Mary Habila, who was found dead at the Uburu residence of the Minister of Works, David Umahi.

The recommendation was contained in a legal advice dated July 15, 2026, and addressed to the Deputy Commissioner of Police in charge of the Criminal Investigation Department (CID) of the Ebonyi State Police Command.Radio

According to the document, reportedly obtained by SaharaReporters, the advice followed a police investigation into Habila’s death at the minister’s residence on June 27.

The Director of Public Prosecutions (DPP) stated that the evidence contained in the police case file was insufficient to establish the cause of her death.

The legal advice noted that Habila was found alone and unresponsive in her apartment, adding that investigators were unable to determine what led to her death based on the available evidence.

According to the DPP, there was nothing in the investigation to suggest that Habila had any known illness or underlying health condition before her sudden death.

“There was no evidence that the deceased was indisposed, sick or unstable health-wise prior to her sudden death, as she was full of life at the time she returned to Uburu in company of her team,” the document stated.

The ministry argued that, in the absence of any known medical condition, a scientific examination was necessary to establish the actual cause of death.

“From the foregoing, therefore, the question that would readily come to mind is what exactly caused the deceased’s sudden death?” the DPP queried.

It maintained that a post-mortem examination remained the most appropriate means of providing investigators with a clear direction.

“This curiosity under the law can only be resolved through a post-mortem examination, so as to provide a clue to the police as to the direction of their investigation,” the legal advice added.

The Ministry of Justice further stated that the police could either honour the family’s reported wish to proceed with burial without an autopsy or exercise their statutory powers to order the examination.

“It is therefore the view of this office that the police invoke their discretionary power to either respect the request of the deceased’s family or proceed with the post-mortem examination,” the DPP stated.

The recommendation comes amid growing public interest and conflicting reports over the release of Habila’s body for burial.

Her father, Baba Habila, reportedly visited a morgue in Ebonyi State to receive her remains ahead of a planned burial in Nok, Kaduna State, but declined to comment to journalists.

The family was also reported to have indicated that it did not intend to request an autopsy.

However, Habila’s body had reportedly not been released as investigators continued to consider the Ministry of Justice’s recommendation.

According to reports, Habila arrived at Umahi’s residence on June 26 alongside another woman identified as Anita Baski and was found unresponsive the following morning.

The case was initially reported at the Ohaozara Divisional Police Headquarters before it was transferred to the Ebonyi State Criminal Investigation Department for further investigation.

Minister of Works David Umahi later confirmed that Habila died at his residence, describing her as a physiotherapist seconded from the David Umahi Federal University of Health Sciences to the Federal Ministry of Works.

Umahi also disclosed that he had encouraged the family to consent to an autopsy to establish the cause of death.

Meanwhile, SaharaReporters, citing unnamed police sources, reported that investigators were examining aspects of Habila’s employment history and her relationship with the university and the Federal Ministry of Works.

Continue Reading

Trending