The Federal Government has declared the recent surge in diaspora remittances—hitting $600 million monthly—as clear evidence that its ongoing economic reforms are restoring confidence in Nigeria’s financial system and attracting funds through official channels.
According to the Central Bank of Nigeria (CBN), the inflows have more than tripled from the previous average of $200 million per month, recording a 200 percent growth in just two months.
Officials say this momentum could push remittances to as high as $1 billion monthly by 2026, positioning Nigeria as one of Africa’s top beneficiaries of diaspora contributions.
The Chairman and Chief Executive Officer of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, described the development as “humongous” and a direct outcome of reforms implemented by the CBN under Governor Olayemi Cardoso.
Dabiri-Erewa explained that policies such as the introduction of the Non-Resident Bank Verification Number (NRBVN) and adjustments that allow for a more competitive exchange rate regime have played a major role in encouraging Nigerians abroad to remit money through official banking and financial platforms rather than informal networks.
“The rise in remittances is a reflection of trust in government policies.
Nigerians abroad are now confident that their money will reach home quickly, safely, and at better value,” Dabiri-Erewa stated in a release issued by NiDCOM spokesperson Abdur-Rahman Balogun.
She praised the resilience and patriotism of the Nigerian diaspora community, noting that their financial contributions continue to serve as a lifeline for millions of households while also boosting the country’s foreign reserves.
Speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, CBN Governor Olayemi Cardoso reiterated that the improved flow of funds was a direct result of reforms designed to make Nigeria’s financial sector more transparent and investor-friendly.
“Our exchange rate is becoming a lot more competitive.
Those who previously sought other channels to send their money back home no longer have to do so,” Cardoso said.
He added that the boost in official remittance inflows from $200 million to $600 million monthly reflects growing optimism about the Nigerian economy and the administration’s reform agenda.
Diaspora remittances are a crucial part of Nigeria’s economy, consistently ranking as one of the largest sources of foreign exchange inflows, second only to crude oil exports.
According to World Bank data, Nigeria accounted for nearly 40 percent of all remittance flows into Sub-Saharan Africa in 2023, with figures estimated at over $20 billion annually.
Experts argue that if sustained, the surge in remittances could help Nigeria reduce its dependence on external borrowing, stabilize the naira, and create better conditions for investment in infrastructure, education, healthcare, and small businesses.
NiDCOM has pledged to further strengthen diaspora engagement through initiatives such as the Nigerian Diaspora Investment Summit, National Diaspora Day, and the Diaspora Youth Summit.
These platforms aim to connect Nigerians abroad with investment opportunities back home, creating a two-way channel of economic benefits.
Dabiri-Erewa emphasized that President Bola Tinubu’s administration remains committed to policies that prioritize both the welfare of Nigerians at home and those abroad.
“The diaspora community is a vital part of our national development strategy.
Their contributions—financial and otherwise—cannot be overstated. The government is working to ensure their trust is not misplaced,” she said.
The Tinubu government has consistently highlighted diaspora remittances as a pillar of its economic recovery strategy, alongside reforms in foreign exchange management, fiscal responsibility, and foreign investment attraction.
Economic analysts have welcomed the rise but caution that sustaining such levels will require policy consistency.
Past instances of currency controls, multiple exchange rates, and delays in accessing foreign exchange discouraged remittances through official channels.
Dr. Adeola Adeniran, an economist with a Lagos-based think tank, noted:
“While this growth is encouraging, Nigeria must avoid policy reversals that create uncertainty.
What diaspora Nigerians want is stability, transparency, and fair value for their money.
If reforms remain steady, hitting $1 billion monthly is achievable.”
Others also stress the importance of channeling a portion of these inflows into productive investments rather than consumption, urging the government to create innovative diaspora bonds and structured financial products to harness funds for long-term national projects.
With remittances now serving as a stabilizing force for the naira and a boost for foreign reserves, both NiDCOM and the CBN believe the trend could mark a turning point for Nigeria’s financial credibility.
The government has positioned diaspora contributions not just as a source of foreign exchange but as a strategic tool for national development, reinforcing confidence in reforms and signaling hope that Nigeria’s economy is on a path to recovery.