The Nigerian diaspora has grown to an estimated 2.1 million people, with its members sending home a record-breaking $21 billion in 2024, according to the latest annual report from the International Organisation for Migration (IOM) Nigeria. This significant financial flow underscores the critical role Nigerians living abroad play in the nation’s economy.
The $21 billion in remittances, which marks an 8.9 per cent increase from the previous year, accounts for nearly 37 per cent of Sub-Saharan Africa’s total remittances for 2024. These funds are a vital economic lifeline, supporting households, education, healthcare, and various other sectors.
Sharon Dimanche, Chief of Mission for IOM Nigeria, highlighted the resilience and innovation of the Nigerian diaspora, calling them “a catalyst for inclusive and sustainable development.” She noted that their contributions extend beyond financial support, with Nigerian professionals achieving success in fields like health, technology, education, and the arts while maintaining strong connections to their homeland.
This report’s findings align with President Bola Tinubu’s recent remarks during the 2025 National Diaspora Day celebrations, where he stated that diaspora remittances through official channels were four times the value of Nigeria’s foreign direct investment in 2024. The President, represented by Senator George Akume, commended the Nigerians in Diaspora Commission (NiDCOM) for its initiatives, which include the Nigeria Diaspora Investment Summit and the Diaspora Mortgage Scheme.
Abike Dabiri-Erewa, NiDCOM’s Chairperson, described the over 20 million Nigerians abroad as “barrier breakers and pacesetters” who make significant contributions both in Nigeria and their host countries. She emphasized the importance of celebrating their achievements, with National Diaspora Day serving as a key platform for this recognition.
The IOM report solidifies Nigeria’s position as a leader in African diaspora remittances, accounting for 38 per cent of the continent’s total inflows of $52.9 billion in 2024. The combination of these funds with the diaspora’s expertise and global networks positions Nigeria to leverage substantial potential for national development.
