Daniel Adaji
Nigeria received a total of $20.93bn in personal remittances from its diaspora community in 2024, according to new figures released by the Central Bank of Nigeria (CBN) on Monday.
This marks an 8.9 per cent increase from the previous year, underscoring the growing contribution of Nigerians abroad to the country’s economic stability.
Remittances refer to money sent by individuals working abroad to their families or home countries. These inflows are a crucial source of foreign exchange and often serve as a financial lifeline for many households in developing economies like Nigeria.
The CBN’s latest Balance of Payments (BOP) report highlighted the remittance inflow as a major contributor to the country’s overall BOP surplus of $6.83bn for the year 2024. This represents a significant reversal from the deficits recorded in 2023 ($3.34bn) and 2022 ($3.32bn).
The apex bank attributed this positive shift to ongoing macroeconomic reforms, improved trade performance, and renewed confidence among investors and Nigerians in the diaspora.
A breakdown of the figures showed that remittances through International Money Transfer Operators (IMTOs) rose by an 43.5 per cent, reaching $4.73bn in 2024 compared to $3.30bn in 2023.
This surge reflects stronger engagement from the Nigerian diaspora and improvements in the country’s financial infrastructure.
In addition to diaspora remittances, official development assistance increased by 6.2 per cent to $3.37bn, further supporting the country’s external financial position.
Commenting on the report, the Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi-Ali, noted that these inflows played a vital role in stabilizing Nigeria’s external account.
“Remittances and international support have been instrumental in achieving the current surplus and strengthening our external reserves,” she said.
Governor of the CBN, Olayemi Cardoso, also emphasized that the improved external finances are a clear result of consistent policy implementation and the bank’s dedication to macroeconomic stability.
With Nigeria’s external reserves rising by $6bn to close the year at $40.19bn, and errors and omissions in reporting dropping by nearly 80 per cent, the CBN says the outlook remains positive.