Africa’s remittance boom: From $9.7 billion to nearly $100 billion in 2021

Africa's remittance inflow nearly reached $100 billion in 2021, driven by contributions from Nigeria, Egypt, and Morocco, the top recipients on the continent.

Growing from $9.7 billion in 2000 to $97.6 billion in 2021, highlights the crucial role of the African diaspora.

Source:

World Bank-KNOMAD

Period:

2000 - 2023
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Personal remittance inflows to Nigeria increased 3.0% year-on-year, from $22.1 billion in 2024 to $22.8 billion in 2025
  • Nigeria received $22.8 billion in personal remittances in 2025; a 3% year-on-year increase
  • Inflows remained 6.3% below the 2018 record of $24.3 billion.
  • Remittances have recovered from the $17.2 billion recorded in 2020.
  • Nigeria’s 2025 remittance inflows were 32.6% higher than in 2020.
  • Remittances accounted for 7.8% of GDP in 2025.
  • Remittances’ share of GDP fell from 8.8% in 2024.
  • Remittances’ share of GDP remained above the 4.0% recorded in 2023.
Egypt received a record $41.5bn in remittances in 2025, 31.7% above the previous record set in 2021
  • Egypt received a record $41.5 billion in remittances in 2025.
  • Remittances increased 40.2% from 2024.
  • The 2025 inflow was 31.7% above the previous record set in 2021.
  • Remittances fell to $19.5 billion in 2023 before rebounding sharply.
  • Remittances more than doubled between 2023 and 2025.
  • Egypt received about $497.9 billion in remittances from 1980 to 2025.
  • The March 2024 FX reforms preceded the sharp recovery in remittance inflows.
  • 2025 marked the highest annual remittance inflow in the series.
West Africa has the highest concentration of remittance-dependent nations, with 10 countries in the top 20, led by The Gambia (21.1%)
  • The Gambia leads Africa in remittance-GDP ratio, with remittance accounting for 21.1% of its GDP in 2024.
  • Lesotho (20.9%) and Comoros (18.3%) closely follow as highly remittance-dependent economies.
  • Somalia (17.5%) and Liberia (14.3%) also rely heavily on diaspora inflows to support their economies.
  • Nigeria (11.3%) remains a major player, highlighting its strong global diaspora network.
  • Cabo Verde (12.1%) and Senegal (11.6%) demonstrate that remittances are key drivers of income in smaller economies.
  • In larger economies like Egypt (7.6%) and Morocco (8.1%), remittances also make up a significant share of GDP.
In 2024, West African nations hold six spots of the top 15 Africa's Importance of Remittance Index, led by Senegal (77)
  • West Africa dominates Africa’s top 15, holding six positions on the remittance importance index.
  • Zimbabwe (78) ranks as Africa’s top country in terms of remittances' importance.
  • Senegal (77) and Nigeria (72) highlight the central role of diaspora inflows in West Africa’s economies.
  • Morocco (74) leads North Africa in remittance importance.
  • Smaller nations like Lesotho (68) and Liberia (68) depend heavily on remittances relative to their GDP.
  • The lowest-ranked countries, including Angola (9) and Djibouti (11), rely minimally on remittance inflows.
Egypt leads African remittance recipients in 2024 with $22.7B, while Nigeria trails behind with $19.8B
  • Africa received $96.4 billion in remittances in 2024.
  • Egypt ($22.7B) and Nigeria ($19.8B) dominated inflows, accounting for nearly half of the continent’s total.
  • Egypt’s 16% growth reflects stronger remittance networks and economic linkages with its diaspora.
  • Nigeria’s inflows grew modestly (1%).
  • Ghana recorded the highest growth (91%), indicating a resurgence in diaspora remittances.
  • Zimbabwe (-6%) and Tunisia (-3%) experienced declines, pointing to potential disruptions in inflow channels.
Over $3.2 billion was sent abroad from Nigeria from 2000 to 2023, with a $1 billion spike in 2015 standing out
  • Migrants living in Nigeria sent out over $3.2 billion in personal remittances between 2000 and 2023.
  • The year 2015 recorded a sharp and unusual outflow of $1.04 billion, the highest by far in the entire 24-year span.
  • After 2015, remittance outflows sharply declined, stabilising below $100 million from 2018 onward.
  • Prior to 2015, outflows were consistently under $110 million annually, indicating a major anomaly in that spike year.
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