In 2024, Nigeria recorded a significant increase in direct remittances from overseas compatriots, totaling ₦1.95 trillion.
Statistics of Direct Remittances to Nigeria
According to data from the Central Bank of Nigeria and analysis by BudgIT, the total amount of direct remittances to Nigeria in 2024 was ₦1.95 trillion. The highest volume was recorded in May 2024 at ₦355.4 billion, followed by ₦270.5 billion in June and ₦230.2 billion in September. The lowest figures were noted in December 2023 and February 2024, at ₦38.4 billion and ₦39.1 billion respectively.
Impact on International Financial Flows
Despite the substantial volume of direct remittances, Nigeria faces a negative trend in its international financial position. In total, ₦5.72 trillion was paid from international repayments in 2024, which includes ₦994.21 billion from Letters of Credit and ₦4.72 trillion for Debt Service. This pressure on the naira continues as it depreciates significantly against the dollar.
Overall Summary of 2024
The Central Bank of Nigeria reported total remittance inflows of $20.93 billion in 2024, reflecting an 8.9% year-on-year increase. The data suggests Nigeria remains a key remittance hub, driven by reforms and increased market confidence. Overall, Africa received over $95 billion in remittances in 2024, underscoring Nigeria's significant role relative to other countries.
Thus, 2024 marked a significant year for Nigeria in terms of direct remittances, yet the country continues to face challenges in its international financial balance.
