President Bola Tinubu has announced that home remittances from Nigerians in the diaspora through official channels reached $20.93b in 2024, a figure that is roughly four times the value of Foreign Direct Investment (FDI) received by the country in the same period.
The President made the declaration at the National Diaspora Day celebrations and National Merit Award 2025 event organized by the Nigerians in Diaspora Commission (NiDCOM) in Abuja.
Represented by the Secretary to the Government of the Federation, Sen. George Akume, Tinubu praised the growing economic impact of the Nigerian diaspora and noted the immense contributions made by Nigerians abroad in sectors including healthcare, agriculture, technology, education, and housing.
He highlighted flagship NiDCOM initiatives such as the Diaspora Investment Summit, Mortgage Scheme, and Data Mapping project as critical to optimizing diaspora potential for national growth.
The President stressed the importance of maintaining strong relations with the over 20 million Nigerians abroad, described them as effective ambassadors, and called for greater collaboration to uplift the nation.
He noted that yearly diaspora remittances are now celebrated every July 25 and are increasingly recognized for supporting households, education, healthcare, and local businesses across the country.
Supporting data shared at the event from the World Bank indicated that Nigeria’s remittance inflow in 2024 saw an 8.9% increase from the previous year, further underscoring its role as a vital economic buffer and source of stability for millions of households.
Officials also acknowledged that while remittances provide crucial disposable income, the diaspora’s broader influence reaches into innovation, professional expertise, and new investment avenues poised for lasting national development.
