Diaspora Home Remittances Hit $20bn In 2024 — Tinubu

President Bola Tinubu has revealed that home remittances from Nigerians in the diaspora through official channels reached $20.93 billion in 2024—four times the value of Nigeria’s Foreign Direct Investment (FDI).

He made this known during the 2025 National Diaspora Day (NDD) and National Diaspora Merit Award ceremony, held on Friday in Abuja. The event was organized by the Nigerians in Diaspora Commission (NiDCOM), with the theme “Optimizing Formidable Diaspora Potentials for National Development and Growth”. The President was represented by the Secretary to the Government of the Federation, Senator George Akume.

President Tinubu praised NiDCOM for launching several initiatives aimed at strengthening diaspora engagement, including the NDD celebrations, the National Diaspora Merit Award, the Nigeria Diaspora Investment Summit, the Diaspora Mortgage Scheme, and the Diaspora Data Mapping Project.

He noted the growing tradition of holding presidential town hall meetings with diaspora communities during his official visits abroad, adding: “It is gratifying to note that we celebrate our diaspora every July 25. Many of them serve as ambassadors-at-large, uplifting Nigeria’s image in their host countries.”

According to him, Nigerians abroad are significantly contributing to national development by investing in sectors like healthcare, agriculture, education, ICT, housing, sports, transportation, and oil and gas.

“This is commendable and ultimately in our enlightened self-interest, because only Nigerians—both at home and abroad—can truly develop Nigeria,” he added.

Tinubu also highlighted the enhanced significance of NDD since the introduction of the National Diaspora Merit Award in 2023.

Speaking earlier, NiDCOM Chairman/CEO Mrs. Abike Dabiri-Erewa emphasized the importance of the event, which honours the over 20 million Nigerians abroad making notable contributions to national growth.

“Our diaspora are known for hard work, resilience, and patriotism. They are barrier breakers and pace setters across various fields. It is only right we celebrate the very best among them,” she said.

Dabiri-Erewa reflected on NiDCOM’s achievements since its creation over six years ago, attributing its continued success to a dedicated and passionate team. She also mentioned the annual Badagry Door of Return Festival in October, which honors the legacy of Nigerian descendants affected by the transatlantic slave trade and the historical role of Badagry.

Ms. Sharon Dimanche, Chief of Mission for the International Organization for Migration (IOM) Nigeria, applauded NiDCOM’s efforts and acknowledged the diaspora’s vital role in sustainable development.

“The Nigerian diaspora continues to show resilience, innovation, and patriotism,” Dimanche said.

Citing World Bank data, she reported that global official remittances reached $905 billion in 2024, with Sub-Saharan Africa receiving $56 billion. Of this, Nigeria received $20.93 billion—an 8.9% increase from the previous year, according to the Central Bank of Nigeria.

She emphasized that these remittances are a lifeline, supporting healthcare, education, and livelihoods across the country. However, she noted that the diaspora’s influence goes beyond money transfers.

“Nigerians abroad are transforming global institutions in health, tech, education, arts, finance, and governance—while staying deeply connected to their homeland.

“Our youth in the diaspora—innovative, digitally savvy, and globally connected—represent a powerful force for entrepreneurship, civic engagement, and technological progress in Nigeria,” she concluded.