Nigeria diaspora remittances approach $1 billion monthly

The Nigerians in Diaspora Commission (NiDCOM) reports that monthly remittance inflows from Nigerians living abroad are nearing $1 billion. The commission stated that these rising inflows reflect growing confidence in the country’s economic reforms, including the unification of the foreign exchange market and the removal of fuel subsidies under President Bola Tinubu.

Beyond direct cash transfers, NiDCOM noted an increase in diaspora investments within strategic sectors such as healthcare, agriculture, food processing, and information and communication technology (ICT). These investments are credited with supporting business expansion, creating jobs, and facilitating the transfer of technical expertise to Nigeria.

NiDCOM officials highlighted that while recent economic adjustments have been difficult, positive indicators are emerging, including external reserves approaching $60 billion. The commission continues to engage the diaspora through initiatives like the Nigerian Diaspora Investment Summit and the National Diaspora Day celebrations to encourage further capital inflows.