President Bola Ahmed Tinubu has highlighted the rising significance of the Nigerian diaspora to the nation’s economic development, revealing that official remittances from Nigerians abroad hit $20.93 billion in 2024, four times the value of Nigeria’s Foreign Direct Investment (FDI) for the same period.
Speaking at the National Diaspora Day and National Merit Award 2025 celebrations in Abuja, the President, represented by Secretary to the Government of the Federation, Sen. George Akume, described the contribution as “not only impressive but indispensable.” Themed “Optimising Formidable Diaspora Potentials for National Development and Growth,” the event was organised by the Nigerians in Diaspora Commission (NiDCOM).
He said, “It is gratifying to note that we have celebrated the achievements of our diaspora annually on July 25th, many of whom are our ambassadors at large uplifting the image of Nigeria in their host countries.
“Nigerians in the diaspora are also actively investing in our healthcare, agriculture, education, Information and Communication Technology (ICT), housing and real estate, sports, transportation, oil and gas and other sectors. “This is commendable and in our enlightened self-interest as only Nigerians, both at home and abroad, can develop Nigeria.”
Sharon Dimanche, Chief of Mission of IOM Nigeria, said the diaspora’s influence goes far beyond remittances.
“They are embedded in global institutions across health, technology, education, and the arts, while maintaining deep connections to Nigeria,” she said.
Dimanche showed the role of young Nigerians abroad, describing them as a digitally savvy cohort capable of driving entrepreneurship, civic innovation, and technological advancement.
“According to the World Bank, in 2024, global official remittances were $905 billion, with Sub-Saharan Africa receiving $56 billion.
“Of this, Nigeria recorded a significant inflow of 20.93 billion dollars, an 8.9 per cent increase from the previous year as reported by the Central Bank of Nigeria.
“These remittances serve as a vital economic buffer, supporting households, education, healthcare and livelihoods across the country,” she said.
The President also lauded NiDCOM for spearheading a range of diaspora engagement initiatives, including the Nigeria Diaspora Investment Summit, the Diaspora Mortgage Scheme, and the Diaspora Data Mapping project.
He noted the institutionalisation of presidential town-hall meetings during international trips as a growing tradition that strengthens ties between the government and its diaspora citizens.
Chairperson of NiDCOM, Hon. Abike Dabiri-Erewa, used the occasion to commend the over 20 million Nigerians living outside the country, describing them as “barrier breakers and pacesetters.” She said the annual National Diaspora Day held on July 25, has evolved into a key platform for honouring individuals and associations committed to national and global development.
In 2024 alone, Nigeria received nearly 37% of Sub-Saharan Africa’s total remittances, according to World Bank figures cited by the International Organisation for Migration (IOM).
The celebration also included references to cultural heritage, such as the annual Badagry Door of Return Festival, which commemorates the resilience of descendants of the transatlantic slave trade.