Nigeria has received $430B in remittances since 2000, peaking at $24.3B in 2018

Key takeaways

  • 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.

Over the past two decades, remittance inflows have become a critical pillar of Nigeria’s economy, growing from just $1.39 billion in 2000 to over $19 billion annually in recent years. This 23-year journey reflects not only Nigeria’s deep diaspora engagement but also the economic dependence of many households on foreign transfers.

The year 2018 marked a milestone, with remittances hitting an all-time high of $24.31 billion, underscoring the strength of global Nigerian networks. However, this was followed by a significant dip in 2020, when inflows dropped by 27.7% due to the COVID-19 pandemic’s global disruption. Despite this, Nigeria’s remittance figures have bounced back and held steady above $19 billion in the last three years, demonstrating the diaspora's continued economic support in the face of global uncertainties.

Source:

World Bank

Period:

2000 to 2023
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  • Within the North Central zone, Abuja (FCT) recorded the most accidents, with a cumulative total of 8,133 cases.
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Nigeria’s foreign trade
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  • Crude oil dominates Nigeria’s export trade, accounting for the largest share of export revenue. -
  • Other petroleum oil products are also a major export item, reflecting the significance of both raw and refined oil-based commodities in Nigeria’s trade portfolio. -
  • On the import side, manufactured goods dominate, showing Nigeria’s continued reliance on foreign machinery, technology, and consumer goods.
  • While Nigeria exports mostly raw and oil-based products, it imports refined, processed, or industrial goods, indicating a structural trade gap and limited local industrial capacity. -
  • Agricultural and raw material goods feature on both sides of trade, but their value is significantly less than petroleum-related trade.

Nigeria's foreign trade
  • India is Nigeria’s largest export destination Nigeria exported ₦2.84 trillion worth of goods to India in Q1 2025, driven largely by crude oil.
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  • The United States appears on both sides. Nigeria exports ₦1.54 trillion to the US and imports ₦1.42 trillion, showing a relatively balanced trade relationship.
  • European countries are major export Partners Netherlands (₦2.30T), France (₦1.44T), and Spain (₦1.44T) are prominent export destinations, indicating strong demand for Nigerian crude oil and other commodities in Europe.
  • UAE barely makes the import list. The UAE closes out the top import list at ₦0.61 trillion, showing relatively lower trade volume compared to others, but still significant enough to be in the top 5.

Cars lead in road traffic crashes, while luxury bus accidents surge by 466.7% over four years
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