Remittances from diaspora Nigerians have surpassed $90 billion threshold in the past five years.
The Chairman of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa made the revelation on Thursday during her defence of the commission’s 2025 budget before the National Assembly Joint Committee on Diaspora.
Nigeria has a sizable number of its population abroad as the japa frenzy continues to lure younger Nigerians overseas everyday in search of greener pastures.
Dabiri-Erewa is one of the proponents who strongly believes that Nigeria stands a big chance of converting its current brain-drain to brain-gain now and in the future.
She has continued to urge Nigerians living abroad to help improve the country’s image, stressing that people globally now desire to have Nigerians as friends.
Dabiri-Erewa stated, “We’ve reached a stage where the diaspora has proven to be a powerful resource, and we cannot ignore them. They are the number one ambassadors of our country. They will help us change the narrative of Nigeria. In fact, all over the world, everyone now wants to have a Nigerian as a friend. Let’s seize this moment. We can take over the world, and we will.”
She hinted that in December 2024 alone, remittances amounted to no less than N60bn, adding that there is potential for further growth in the future, highlighting the diaspora’s significant role in Nigeria’s development.
“We have 17 million Nigerians abroad. How much has this contributed to the growth of the economy? In the last five years, remittances alone have exceeded $90 billion. In December, the amount spent coming to Nigeria was not less than N60 billion. This could grow, but we are just scratching the surface,” she added.
In December 2024, the Central Bank of Nigeria reported that diaspora remittances processed through International Money Transfer Operators reached $4.22bn between January and October 2024. This figure nearly doubles the $2.62bn recorded during the same period in 2023.
The NiDCOM Chairman also reflected on her December 2024 meetings with several diaspora Nigerians interested in business and human development, emphasising the abundance of future opportunities.
“I hosted many Nigerians in December. My house turned into a hosting venue. These young Nigerians have money to invest, and they are eager to do so. Some are engaging in local businesses. One of the most impressive projects we’re working on involves training young people in digital technology.”
“We haven’t formalised this yet, but we will this year, so we can fully appreciate what the diaspora has done,” she concluded.
Kompass Connect understands that “IJGB’ in Nigeria stands for “I Just Got Back,” referring to Nigerians who travelled home, either for a short visit or a permanent move. The term has become quite popular, especially during the holiday season when many diaspora Nigerians come back to visit family or for vacations.
Lagos in particular, saw a significant influx during the last holiday season, leading to a noticeable economic boom. Sectors like hospitality, real estate, entertainment, and retail experienced a surge in business. For instance, hotels and short-term rental properties like Airbnb saw high occupancy rates with local markets and malls packed with shoppers.
