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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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FG to Declare Nationwide Public Holiday, Date Revealed

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Nigeria’s Ministry of Interior is set to declare a nationwide public holiday across all sectors to mark Democracy Day 2026, potentially granting a one-day break for both private and public sector employees.

The federal government’s announcement regarding Democracy Day will be the only national public holiday observed in Nigeria in June 2026.

Democracy Day commemorates the 1993 presidential election and the nation’s struggle for democratic freedom. June 12, 2026, falls on a Friday.

On June 6, 2018, the late former president Muhammadu Buhari, in a public statement, changed the Democracy Day from May 29 to June 12, in honour of the June 12, 1993, presidential election and its winner, Moshood Kashimawo Olawale Abiola, who died in prison.

Abiola was born on August 14, 1937 and passed away under suspicious circumstances on July 7, 1998. A popular Ogun businessman, publisher, and politician of the Egba clan, he is often referred to as MKO Abiola.

He ran for the presidency in 1993 and was widely regarded as the presumed winner of the election, which was annulled by former military head of state, General Ibrahim Babangida.

Some southwest states had been celebrating June 12 as a public holiday and are holding ceremonies in Abiola’s honour until Buhari officially declared the day as Nigeria’s real democracy day. The former president, on Monday, June 10, 2018, signed the Public Holiday Amendment Bill into law.

The law, according to the former president’s ex-senior special assistant on National Assembly Matters (Senate), Ita Enang, allows a public holiday to be declared on June 12 every year, while May 29 is to be a handing-over date.

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BREAKING: Top Nigerian Emir is Dead, Details Emerge

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A top Nigerian monarch, the Emir of Gazargamu in Yobe State, His Royal Highness Alhaji Ahmad Tijjani Ibn Saleh, has died after a prolonged illness.

The monarch passed away on Tuesday in Cairo, Egypt, where he had been receiving medical treatment.

His son, Engr. Tijjani Hamisu Bala, who is the General Manager of the Yobe State Road Maintenance Agency (YORMA), confirmed the development to Daily Trust in Damaturu.

In a statement announcing the death, Bala described the late emir as a father, mentor and traditional ruler whose life was devoted to the service of his people and humanity.

“With profound sorrow and total submission to the will of Almighty Allah, I announce the passing of my beloved father, namesake and traditional ruler, His Royal Highness Alhaji Ahmad Tijjani Ibn Saleh, the Emir of Gazargamu, who returned to his Creator today, June 9, 2026, in Cairo, Egypt, after a protracted illness,” he said.

He said the late emir’s life was marked by wisdom, humility, courage and unwavering dedication to the service of his people.

“His fatherly guidance, leadership and legacy will remain a source of inspiration to us all,” he added.

Bala prayed to Allah to forgive the late monarch’s shortcomings and grant him Al-Jannatul Firdaus; and give the family and the entire emirate strength and patience to bear the painful loss.

As of the time of filing this report, details of the burial arrangements were yet to be announced, while it remained unclear whether the late emir would be buried in Nigeria or in Egypt.

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JUST IN: INEC Appeals Court Rulings Challenging 2027 Election Timetable

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The Independent National Electoral Commission (INEC) has confirmed that it has appealed two Federal High Court judgments challenging aspects of its Timetable and Schedule of Activities for the 2027 General Election, maintaining that the processes outlined in the timetable are interconnected and cannot be separated without disrupting the entire electoral programme.

INEC Chairman, Prof. Joash Amupitan (SAN), disclosed this on Tuesday during the Commission’s Second Quarterly Consultative Meeting with leaders of political parties in Abuja.

According to him, the Commission carefully reviewed the two court rulings and subsequently approached the appellate courts to seek definitive legal interpretations on the issues raised.

The first judgment, delivered on May 20, 2026, in the case of Youth Party vs INEC (Suit No. FHC/ABJ/CS/517/2026), questioned certain timelines contained in the electoral timetable. The second judgment, delivered on May 26, 2026, in Social Democratic Party (SDP) vs INEC (Suit No. FHC/ABJ/CS/720/2026), upheld INEC’s authority to issue an election timetable but nullified specific timelines relating to the nomination and substitution of candidates.

Prof. Amupitan noted that the court, in the SDP judgment, acknowledged the importance of a comprehensive timetable, stating that “an election timetable, without date for submission of parties’ membership register, timeframe for primaries, etc. is inchoate. Without this timetable, there would be chaos in our electoral system.”

“While the Commission remains fully respectful of the decisions of the Courts and of the judicial process generally, these judgments raise important legal questions concerning the extent of the Commission’s constitutional and statutory powers in coordinating and regulating electoral activities,” he said.

The INEC chairman stressed that the election timetable is built around a series of interdependent processes designed to ensure the orderly, transparent and successful conduct of elections.

He explained that although the Electoral Act prescribes timelines for some activities, several critical electoral processes are not assigned specific statutory deadlines and must therefore be accommodated within the Commission’s broader election calendar.

Among the activities listed by the Commission are the submission and verification of party membership registers, monitoring of party primaries nationwide, uploading of primary election results to INEC’s portal, candidate nomination processes, printing of ballot papers and result sheets, quality assurance procedures, deployment of election materials, training of electoral personnel, voter education campaigns, procurement of sensitive materials, configuration of BVAS machines, and compliance with statutory requirements such as allowing political parties to inspect electoral materials under Section 42 of the Electoral Act, 2026.

“The Commission therefore considers it imperative that all electoral activities be harmonised within a coherent and workable framework that promotes certainty, transparency, administrative efficiency and equal treatment of all political parties,” Amupitan stated.

He assured political parties and the Nigerian public that despite the pending appeals, INEC remains committed to conducting the 2027 General Election in strict compliance with the Constitution, the Electoral Act and all valid court rulings.

The chairman also announced that on June 26, 2026, the Commission would provide all political parties with official access codes to its Candidate Nomination Portal, enabling authorised national officers to upload the names, personal details and other required information of nominated candidates.

He warned that the nomination portal is fully automated and will automatically shut down once the stipulated deadline expires.

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