Malawi recorded its biggest year-on-year growth rate in remittance in 2003 with 1547.5%

Malawi's remittance inflow increased from $747k in 2000 to $263.4 million in 2023, with the highest year-on-year growth rate recorded in 2003. However, the biggest gain in value occurred in 2018, when it increased by $102.2 million over 2017.

Source:

World Bank

Period:

2000 - 2023
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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.
Nigeria has received $430B in remittances since 2000, peaking at $24.3B in 2018
  • Nigeria received a total of approximately $430 billion in remittances between 2000 and 2023.
  • The highest amount recorded was in 2018, when remittances peaked at $24.31 billion.
  • In 2020, inflows dropped significantly to $17.21 billion due to the global COVID-19 crisis.
  • Between 2021 and 2023, remittances remained stable, averaging around $19.7 billion per year.
India's remittance inflow grew by 828% in 24 years — maintaining the top spot for 21 of them
  • India led globally for 21 of 24 years, followed by China (2) and Mexico (1)
  • No African country ever topped global remittance inflow rankings
  • Nigeria ranked among the top 10 recipients for several of the years
  • India’s dominance reflects its large global diaspora and steady labour migration
  • China’s brief lead came in the early 2000s but it was overtaken quickly
  • Mexico in the top spot for one year was tied to strong remittance links with the US
  • The top countries rarely changed, showing a stable global remittance pattern
  • Most global leaders have large populations abroad in high-income economies
  • Global remittances remain a major economic lifeline for developing countries
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