Diaspora remittances triple to $600m monthly, says NiDCOM boss

The Chairman/Chief Executive Officer of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, has credited the surge in diaspora remittances to recent policy measures introduced by the Central Bank of Nigeria (CBN) and growing confidence among Nigerians abroad in the financial system.

In a statement issued on Monday in Abuja by NiDCOM’s Director of Media, Public Relations and Protocols, Abdur-Rahman Balogun, Dabiri-Erewa described the contribution of the diaspora community to the national economy as “humongous,” noting that remittance inflows had tripled in the past two months.

“Diaspora remittance inflows tripled to $600 million monthly over the past two months, according to statistics from the Central Bank of Nigeria (CBN),” the statement quoted her as saying.

She commended the CBN under the leadership of Governor Olayemi Cardoso, citing policies such as the introduction of the Non-Resident Bank Verification Number (BVN) and a competitive exchange rate as factors that encouraged more Nigerians abroad to use official channels to send funds home.

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Echoing Cardoso’s outlook, Dabiri-Erewa expressed optimism that inflows could climb further in the coming years. “Sharing the CBN governor’s optimism that the figure could reach $1 billion per month by 2026, NiDCOM will continue to champion initiatives such as the Nigerian Diaspora Investment Summit, National Diaspora Day, Diaspora Youth Summit, and sustained engagement with Nigerians abroad,” the statement added.

She also lauded the patriotism of Nigerians in the diaspora, acknowledging their role in sustaining economic growth through consistent remittances.

Meanwhile, Cardoso, speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, attributed the surge in remittances to reforms aimed at streamlining and strengthening formal transfer channels.

The CBN governor explained that inflows, which had previously hovered around $200 million monthly, had risen to $600 million, a 200 per cent increase. He maintained that recent reforms, including the adoption of more competitive exchange rates, had made remittances through official platforms more attractive.

Both officials noted that the steady growth in remittance inflows underscores the potential of the diaspora community in supporting Nigeria’s economic stability.