In a significant boost to Nigeria’s economy, Nigerians in the diaspora spent approximately N60 billion during their visits in December 2024, according to the Nigerians in Diaspora Commission (NiDCOM). This figure was disclosed by Abike Dabiri-Erewa, Chairperson of NiDCOM, during the 2025 budget defence session before the National Assembly Joint Committee on Diaspora.
“Nigerians in the Diaspora have remitted about $90 billion over the last five years to shore up the economy for national development,” Dabiri-Erewa stated, emphasizing the critical role of remittances in economic stability. This inflow of funds has outpaced both foreign direct investment (FDI) and international aid, making it a vital component of Nigeria’s financial landscape.
She highlighted the importance of accurate data to capture the contributions, challenges, and opportunities within the Nigerian professional diaspora. “By leveraging the derived data, NiDCOM can implement targeted policies that facilitate robust diaspora engagement, foster stronger ties with Nigeria, and maximize their invaluable contributions to national development,” Dabiri-Erewa added.
Harnessing Diaspora Wealth
Hon. Gboyega Nasir Isiaka, Chairman of the House Committee on National Planning and Economy, underscored the financial impact of the diaspora, noting that remittances have ranged between $17.2 billion and $20 billion annually in recent years. He advocated for the creation of platforms that would enable Nigerians abroad to invest more effectively in the nation’s growth.
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“Nigerians in the diaspora must not be relegated to the side but participate as co-partners in developing the country,” Isiaka stressed. He also referenced the Central Bank of Nigeria’s (CBN) plan to issue a diaspora bond as part of efforts to attract more investment.
In a bid to deepen diaspora engagement, Dabiri-Erewa proposed the establishment of a Diaspora Plaza, a hub for fostering connections between Nigeria and its global citizens. This initiative aims to channel diaspora funds into sectors like infrastructure, education, and healthcare.
Strategic Partnerships for National Growth
Prof. Antonia Taiye Simbine, Director-General of the Nigerian Institute of Social and Economic Research (NISER), echoed these sentiments, revealing that with over 17 million Nigerians living abroad, the ongoing research would inform policies to leverage diaspora expertise and investments.
She commended NiDCOM’s commitment to engaging the diaspora, describing it as “pivotal for Nigeria’s growth and development.” Simbine further emphasized that the data gathered would serve as a blueprint for tapping into the diaspora’s potential effectively.
As Nigeria looks to expand its economic base, diaspora remittances stand out as a vital lifeline, not just for household income but also for national development initiatives. The success of these efforts could redefine the role of the diaspora in shaping Nigeria’s economic future.
