$20.9b diaspora remittances 4 times higher than FDIs, says Tinubu
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By Omeiza Ajayi & Favour Ulebor
ABUJA: President Bola Tinubu has hailed the vital role Nigerians in the Diaspora play in bolstering the nation’s economy, expressing excitement over a record-breaking $20.93 billion in diaspora remittances recorded in 2024.
According to him, the substantial amount is more than four times the value of Nigeria’s Foreign Direct Investments FDI, solidifying it as a crucial source of foreign exchange.
Speaking at the 2025 National Diaspora Day celebrations held at the Banquet Hall, Presidential Villa, Abuja, President Tinubu, represented by the Secretary to the Government of the Federation, Senator George Akume, said this significant influx of funds underscores the indispensable contribution of Nigerians living abroad to the country’s economic stability.
Special Adviser, Media and Publicity to the SGF, Yomi Odunuga disclosed this in a statement on Saturday night.
According to him, Tinubu noted that the celebration’s theme, “Optimizing Formidable Diaspora Potentials for National Development and Growth,” is designed to consolidate efforts toward diaspora engagement and national development.
The president praised the diaspora community, stating: “It is also gratifying to note that we have annually on July 25th celebrated the achievements of our Diaspora, many of whom are our Ambassadors at large uplifting the image of Nigeria in their host countries, excelling globally, breaking barriers and contributing immensely to Nigeria’s development through their talents, skills, resources, global exposure and networks.
“Last year, 2024, our Diaspora Home Remittances through official channels stood at $20.93b, which is over four times the value of our Foreign Direct Investment FDI. The 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 I must say is commendable and in our enlightened self-interest as only Nigerians both at home and abroad can develop Nigeria.”
According to him, the Nigerian government holds the Diaspora community in high regard and has worked to strengthen engagements through various initiatives, including the establishment of the Nigerians in Diaspora Commission NiDCOM and the National Diaspora Policy.
He commended the Diaspora community for their record-breaking remittances, assuring them of government’s commitment to providing an enabling platform for effective policies.
“Let me also remind you again that this democratically elected government is a Diaspora-friendly one. Our Renewed Hope Foreign Policy recognizes the Diaspora as the fourth pillar in the 4D Agenda viz Democracy, Demography, Development and Diaspora. We will continue to provide an enabling platform for effective policies for the Diaspora with the view to galvanizing your support for this administration and concretizing our democracy, optimizing your potentials and setting a good example for other African countries to emulate,” he added.
The President also pledged to address the challenges faced by NiDCOM and harness the benefits of migration through diaspora engagement.
He applauded the Chairman/CEO of NiDCOM, Hon. Abike Dabiri-Erewa, for her dynamic initiatives and encouraged the Diaspora community to actively participate in the commission’s programmes.
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