By Favour Ulebor
President Bola Ahmed Tinubu has announced that Nigeria received $20.9 billion in diaspora remittances through official channels in 2024, an amount that exceeds the country’s total foreign direct investment by more than four times.
Speaking during the 2025 National Diaspora Day celebration on Friday night in Abuja, themed “Optimizing Formidable Diaspora Potentials for National Development and Growth,” the President, represented by the Secretary to the Government of the Federation (SGF), George Akume, described the remittance record as commendable and urged Nigerians abroad to continue investing in the country’s future.
Tinubu acknowledged the role of the diaspora in sectors such as healthcare, ICT, education, real estate, oil and gas, and transportation, describing their contribution as critical to national growth.
He emphasized that the government is committed to deepening its engagement with the diaspora.
He further disclosed that the government had created the Diaspora Mortgage Scheme to ease access to housing for Nigerians abroad, alongside initiatives such as the National Diaspora Merit Award, the Diaspora Data Mapping Project, and the Badagry Door of Return Festival.
He said, “Last year, 2024, our diaspora home remittances through official channels stood at $20.9 billion, which is over four times the value of our foreign direct investment.”
Commending the efforts of the Nigerians in Diaspora Commission (NIDCOM), President Tinubu applauded its leadership for designing what he called laudable programmes to connect Nigerians abroad with investment opportunities back home.
Delivering her remarks, the Chairman/CEO of NIDCOM, Abike Dabiri-Erewa, stated that the Commission remains committed to connecting diaspora Nigerians with federal and state institutions in Nigeria to drive national growth.
She added that the annual National Diaspora Day celebration, which has been held every July 25 since 2021, has grown to become a rallying point for recognizing excellence and sacrifice among Nigerians abroad.
She also acknowledged the inclusion of the National Diaspora Merit Awards since 2023 as a major morale booster and a means of celebrating diaspora champions and enhancing Nigeria’s global image.
Dabiri-Erewa, however, appealed to the government for increased support and funding to help the Commission expand its scope.
She said, “The National Diaspora Policy adopted by the Federal Government in 2021 has enabled structured engagement with our diaspora, and today we are seeing the results. From remittances to knowledge transfer and direct investment, our diaspora remains a vital partner.
“NIDCOM needs more funding and support to drive these programmes to greater heights,” she said.
She also called for the enactment of diaspora voting rights and the full integration of diaspora professionals into national development planning.
Also speaking, Minister of Interior, Dr. Olubunmi Tunji-Ojo, declared that Nigeria is more ready for investment now than ever before, crediting the Renewed Hope Agenda of President Tinubu for removing structural barriers that once hindered growth.
He hailed the resilience and excellence of Nigerians in the diaspora, describing them as global achievers who continually break barriers.
He said, “Nigeria has never been more ready for investment than now. We are ready for investment. And Mr. President is leading from the front and leading the charge to ensure that we have a country where your investments will be safe.”
He emphasized the importance of seeing beyond Nigeria’s challenges, urging diaspora Nigerians to judge the country by its progress rather than by pessimistic reports.
According to him, diaspora remittances exceeded $21 billion last year, compared to $32.91 billion from crude oil. With the right policies in place, diaspora investment can surpass oil revenue.
The Minister noted that subsidy payments in 2022 cost Nigeria $25.5 billion, far higher than the capital budget of N4.89 trillion in the same year.
He praised the current administration’s decision to eliminate the subsidy regime and reform fiscal and monetary policies, which he said have reduced debt servicing from 96.3% of revenue in 2022 to below 50% in 2024.
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