NiDCOM: Diaspora Remittances Near $1 Billion Monthly as Nigerians Abroad Boost Economy

The Nigerians in Diaspora Commission (NiDCOM) has commended Nigerians living abroad for their contributions to the country’s economy, disclosing that monthly diaspora remittances are approaching $1 billion.

The commission said the growing inflows reflect Nigerians abroad’s commitment to national development, noting that their contributions extend beyond financial support for family members to investments in critical sectors of the economy.

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In a statement signed by its Director of Media, Public Relations and Protocols, Abdur-Rahman Balogun, NiDCOM also highlighted investments by diaspora Nigerians in healthcare, agriculture, food production and technology.

According to the commission, these investments are helping local businesses remain operational, creating employment opportunities for young Nigerians and facilitating the transfer of valuable technical skills into the domestic economy.

NiDCOM acknowledged that economic reforms introduced by President Bola Tinubu’s administration, including the removal of the petrol subsidy and the unification of the foreign exchange market, have presented significant challenges for citizens. However, it maintained that the measures were intended to address longstanding structural problems in the economy.

The commission also pointed to improvements in Nigeria’s external reserves and the growth of diaspora inflows as positive developments amid prevailing economic difficulties.

To sustain the contributions of Nigerians abroad, NiDCOM pledged to strengthen collaboration with relevant government agencies and private-sector partners to eliminate investment bottlenecks and make it easier for diaspora citizens to invest in the country.

The commission identified platforms such as the annual National Diaspora Day celebrations and the Nigerian Diaspora Investment Summit as important avenues for promoting engagement and attracting investments.

It also highlighted the recent Nigeria Diaspora Economic Conference in Canada, where participants discussed strategies for channeling more private capital into Nigeria.

NiDCOM Chairperson and Chief Executive Officer, Abike Dabiri-Erewa, praised Nigerians abroad for continuing to support their families and contribute to national development despite economic pressures.

She encouraged them to sustain their efforts, stressing that remittances and diaspora-led businesses play an important role in supporting households, strengthening local enterprises and creating economic opportunities.

The commission reaffirmed its commitment to working with stakeholders to improve the investment environment and ensure that Nigerians living abroad can contribute more effectively to the country’s economic growth.