President Bola Tinubu has announced that diaspora remittances to Nigeria through official channels have reached $20.93 billion, surpassing the country’s Foreign Direct Investment (FDI) by four times. This significant milestone was revealed during the National Diaspora Day (NDD) celebrations and National Merit Award 2025 in Abuja.
The NDD celebration aimed to recognize and acknowledge the contributions of over 20 million Nigerians in the diaspora who are actively investing in various sectors, including healthcare, agriculture, education, Information and Communication Technology (ICT), housing, and real estate. These remittances serve as a vital economic buffer, supporting households, education, healthcare, and livelihoods across the country
The Chairman/CEO of the Nigerians in the Diaspora Commission (NiDCOM), Mrs. Abike Dabiri-Erewa, emphasized the importance of harnessing the full potential of the diaspora community for national development. She highlighted the commission’s efforts to deepen diaspora engagement through initiatives like the National Diaspora Policy, Nigeria Diaspora Investment Summit, and Data Mapping Project
According to the World Bank, global official remittances reached $905 billion in 2024, with Sub-Saharan Africa receiving $56 billion. Nigeria’s significant inflow of $20.93 billion represents an 8.9% increase from the previous year. The diaspora’s impact extends beyond remittances, with Nigerian professionals transforming institutions globally while maintaining ties to their homeland 
remittance figures, concerns have been raised about the externalization of these funds. Some estimates suggest that up to 90% of diaspora remittances do not reach Nigeria’s formal financial system, instead flowing into unofficial channels. This highlights the need for policies that encourage diaspora investments and reduce barriers to formal remittance flows
To maximize the benefits of diaspora remittances, Nigeria must create structures that allow Nigerians abroad to co-own the country’s development journey. This can be achieved through initiatives like diaspora bonds, investments, and partnerships that tap into the knowledge, skills, and networks of the diaspora community. By leveraging these resources, Nigeria can drive entrepreneurship, civic participation, and technological advancement
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