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.

Remittances play a vital role in supporting African economies, serving as a critical financial lifeline for millions of households.

In 2024, The Gambia led the continent in remittance contributions, accounting for 21.1% of its GDP, followed closely by Lesotho (20.9%) and the Comoros (18.3%).

These figures underscore the significant dependence of some African nations on remittances from citizens working abroad, which often surpass other major sources of foreign income, such as exports or aid.

Source:

World Bank

Period:

2024
HTML code to embed chart
Want a bespoke report?
Reach out
Click to copy HTML embed code
Tags
Related Insights
Arts & entertainment recorded the highest GDP growth in H1 2026
  • Nigeria’s economy grew 4.16% in H1 2026, but growth was uneven across sectors.
  • Arts and entertainment grew fastest at 11.5%, followed by water and waste management (10.9%) and information and communication (10.3%).
  • Agriculture, which accounts for about a quarter of GDP, grew 3.8%, below the headline rate.
  • Trade and real estate also lagged, growing 2.2% and 3.0%, respectively.
  • Electricity and gas was the biggest drag, contracting 11.6%, while Other Services fell 1.4%.
Year-on-year change in Nigeria's electricity, gas, steam and air conditioning supply GDP
  • Electricity, gas and related supply was Nigeria’s worst-performing broad economic activity in H1 2026.
  • Sector GDP fell 11.6% year-on-year, from ₦800.2bn to ₦707.1bn.
  • Output fell below H1 2024 levels, when the sector recorded ₦708.5bn.
  • Only one other broad activity contracted: Other Services, which fell 1.4%.
  • The sector contributed just 0.7% of Nigeria’s real GDP on average over the period shown.
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.
Ethiopia achieved Africa’s fastest growth in real GDP per person over the 25 years to 2025
  • Ethiopia recorded Africa's fastest real GDP per capita growth between 2000 and 2025.
  • Rwanda ranked second, while Sierra Leone, Tanzania and Djibouti completed the top five.
  • Ethiopia's real GDP per capita rose 322%, from $910 to $3,843.
  • Mauritius recorded Africa's largest absolute gain in real GDP per capita.
  • Nigeria ranked 15th, with real GDP per capita increasing 76.7%.
Three African countries are projected to have debt exceeding their GDP in 2026
  • Sudan is projected to have Africa’s highest debt-to-GDP ratio in 2026, at 169.1%.
  • Only three African countries are projected to owe more than the size of their economies in 2026.
  • Senegal and Mozambique join Sudan among countries with debt-to-GDP ratios above 100%.
  • Africa’s average government debt-to-GDP ratio is projected at 60.7% in 2026.
  • Nigeria’s projected debt-to-GDP ratio of 32.3% is far below the African average.
POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form
A product of Techpoint Africa. All rights reserved