{"id":117205,"date":"2025-04-09T17:35:14","date_gmt":"2025-04-09T16:35:14","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=117205"},"modified":"2025-04-09T17:35:14","modified_gmt":"2025-04-09T16:35:14","slug":"nigerias-diaspora-remittances-jump-to-20-93bn-in-12-months","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/nigerias-diaspora-remittances-jump-to-20-93bn-in-12-months\/","title":{"rendered":"Nigeria\u2019s Diaspora Remittances Jump to $20.93bn in 12 Months"},"content":{"rendered":"<div>\n<p>Daniel Adaji<\/p>\n<p>&nbsp;<\/p>\n<p>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.<\/p>\n<p>This marks an 8.9 per cent increase from the previous year, underscoring the growing contribution of Nigerians abroad to the country\u2019s economic stability.<\/p>\n<p>&nbsp;<\/p>\n<p>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.<\/p>\n<p>&nbsp;<\/p>\n<p>The CBN\u2019s latest Balance of Payments (BOP) report highlighted the remittance inflow as a major contributor to the country\u2019s 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).<\/p>\n<p>&nbsp;<\/p>\n<p>The apex bank attributed this positive shift to ongoing macroeconomic reforms, improved trade performance, and renewed confidence among investors and Nigerians in the diaspora.<\/p>\n<p>&nbsp;<\/p>\n<p>A breakdown of the figures showed that remittances through International Money Transfer Operators (IMTOs) rose by an\u00a0\u00a043.5 per cent, reaching $4.73bn in 2024 compared to $3.30bn in 2023.<\/p>\n<p>&nbsp;<\/p>\n<p>This surge reflects stronger engagement from the Nigerian diaspora and improvements in the country\u2019s financial infrastructure.<\/p>\n<p>&nbsp;<\/p>\n<p>In addition to diaspora remittances, official development assistance increased by 6.2 per cent to $3.37bn, further supporting the country\u2019s external financial position.<\/p>\n<p>&nbsp;<\/p>\n<p>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\u2019s external account.<\/p>\n<p>&nbsp;<\/p>\n<p>\u201cRemittances and international support have been instrumental in achieving the current surplus and strengthening our external reserves,\u201d she said.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Governor of the CBN, Olayemi Cardoso, also emphasized that the improved external finances are a clear result of consistent policy implementation and the bank\u2019s dedication to macroeconomic stability.<\/p>\n<p>&nbsp;<\/p>\n<p>With Nigeria\u2019s 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.<\/p>\n<\/div>\n<div class=\"yj6qo\"><\/div>\n<div class=\"adL\"><\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Daniel Adaji &nbsp; 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)&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":112066,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-117205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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