President Bola Ahmed Tinubu has revealed that Nigerians in the diaspora remitted a total of $20.93 billion to the country in 2024. This amount is nearly four times higher than Nigeria’s Foreign Direct Investment (FDI) for the same year, which stood at approximately $1.08 billion.
The President noted that this marks an 8.9 percent increase in remittance inflows compared to the previous year. These funds have played a vital role in supporting household consumption, education, healthcare, and livelihood needs across the country. Unlike the often unpredictable nature of FDI, diaspora remittances have proven to be a more stable and dependable source of external financing.
This development underscores the growing economic importance of the Nigerian diaspora and the need for strategic engagement to better harness their contributions. President Tinubu emphasized the necessity of creating structured investment channels to convert these inflows into long-term development assets for national growth.
Remittances from abroad are no longer just about family support. They are a powerful financial force with the potential to reshape Nigeria’s economic future if properly harnessed.
