The report named Nigeria, Egypt, and Morocco as the continent’s top recipients, describing remittances as “a stable and resilient source of external finance” …
Africa received over $95 billion in diaspora remittances in 2024, nearly matching total foreign direct investment (FDI) for the year, according to the Africa Finance Corporation’s (AFC) State of Africa’s Infrastructure Report 2025.
The report named Nigeria, Egypt, and Morocco as the continent’s top recipients, describing remittances as “a stable and resilient source of external finance” that often outpaces FDI and official development aid.
“In 2024, Africa received over $95 billion in remittances from its global diaspora—an amount roughly equivalent to total FDI inflows,” the AFC stated.
Citing economists Ndikumana and Boyce, it noted Africa lost over $420 billion to capital flight between 1970 and 2004. The new remittance trends, it said, mark a shift toward structured diaspora engagement.
Nigeria alone recorded $282.61 million in Q1 2024, despite a 6.28% dip from the previous year, according to Central Bank data.
The AFC urged African nations to channel remittances into development, referencing successful diaspora bond models like Nigeria’s fully subscribed $300 million issuance in 2017.