From 2014 – 2023 Nigerians Abroad Remitted Over $200 Billion
Nigerians living abroad have sent home over $200 billion in remittances since 2014.
According to recent data, the total remittances received by Nigeria from its diaspora community has been steadily increasing, with some fluctuations, over the past nine years.
In 2014, the total remittances received was $21 billion, which set the tone for the subsequent years.
Although there was a slight decline in 2015, with $20.63 billion received, the amount bounced back in 2017, reaching $22.04 billion.
The following year, 2018, saw a significant increase, with $24.31 billion received, marking the highest amount in the nine-year period.
The year 2019 saw a slight decline, with $23.81 billion received, but the amount remained substantial. However, the COVID-19 pandemic had a significant impact on remittances in 2020, with a notable decline to $17.21 billion.
This decline can be attributed to the economic downturn and travel restrictions imposed by various countries during the pandemic.
Despite the challenges posed by the pandemic, Nigerians abroad continued to show their support for their loved ones back home. In 2021, the total remittances received increased to $19.48 billion, and in 2022, it further rose to $20.13 billion.
The latest data available shows that in 2023, the total remittances received was $20.5 billion, indicating a continued upward trend.
The total remittances received by Nigeria from its diaspora community since 2014 is a staggering $204.11 billion.
This amount is a testament to the strong ties that exist between Nigerians living abroad and their families back home. Remittances have become a vital source of income for many Nigerian households, helping to support basic needs, education, healthcare, and entrepreneurship.
The Nigerian government has acknowledged the significant contribution of remittances to the country’s economy and has implemented policies to facilitate the smooth transfer of funds.
The government is also encouraging Nigerians abroad to invest in the country, leveraging their skills, expertise, and resources to drive economic growth and development.
The data on remittances also highlights the importance of the diaspora community in Nigeria’s economic development. Nigerians living abroad have become a significant source of foreign exchange earnings, helping to stabilize the country’s economy and support its growth.
