Diaspora remittances are a vital lifeline for African economies and communities, driving socio-economic development and serving as a significant source of external financing.
- Business Insider Africa presents African countries with the most diaspora remittances in 2024
- The list is courtesy of the World Bank
- Top three recipients of remittances in Africa in 2024 were Egypt, Nigeria and Morocco
These remittances, sent by individuals working abroad, often surpass Foreign Direct Investments (FDI) and official development assistance, providing crucial support for households and national economies alike.
Driven by aspirations for a brighter future, many Africans migrate to pursue better prospects, attracted by the promise of higher incomes, greater economic and political stability,
Remittances play a critical role in bolstering economic stability and household incomes in low- and middle-income nations.
In fact, nearly 25 countries globally, rely heavily on remittances, which account for over 10% of their GDP.
Remittances in Africa
In Africa, remittances have become a vital source of external funding, surpassing official development assistance and foreign direct investment.
DON’T MISS THIS: Kenyans abroad remitted the highest amount ever sent home in January
In 2023, the continent received $100 billion in remittances, equivalent to approximately 6% of its GDP.
This influx of funds exceeded official development assistance ($42 billion) and FDI ($48 billion), highlighting the significant impact of remittances on Africa’s economic landscape.
The disparity between remittances and FDI is expected to expand even further in 2024.
Over the past decade, remittances have steadily increased, surging by 57%, while FDI has declined sharply by 41%.
This trend is expected to continue, driven by powerful migration dynamics which include income disparities, and escalating impacts of climate change which all contribute to unprecedented migration pressures.
As of 2022, approximately 40.4 million Africans were living and working abroad, outside their home countries.
DON’T MISS THIS: The cost of sending money to Sub-Saharan Africa needs to be lowered to increase diaspora remittance
According to a 2023 World Bank report, Nigeria accounted for 38% of remittance flows to the region, experiencing a growth of 2%.
Meanwhile, Ghana and Kenya, two other significant recipients, recorded estimated increases of 5.6% and 3.8%, respectively.
The following data, published via the World Bank blog, outlines remittance figures for African countries in 2024.
| Rank | Country | Remittances $ |
|---|---|---|
| 1 | Egypt | 22.7 Billion |
| 2 | Nigeria | 19.8 Billion |
| 3 | Morocco | 12.0 Billion |
| 4 | Kenya | 4.8 Billion |
| 5 | Ghana | 4.6 Billion |
| 6 | Senegal | 3.0 Billion |
| 7 | Zimbabwe | 3.0 Billion |
| 8 | Zambia | 2.8 Billion |
| 9 | Uganda | 1.49 Billion |
| 10 | DR Congo | 1.3 Billion |
In 2024, remittances continued to play a crucial role in African economies, with Egypt, Nigeria, Morocco, Kenya, and Ghana emerging as the top recipients.
Egypt led the list, receiving $22.7 billion, primarily from its diaspora in the Gulf, Europe, and North America.
Nigeria followed with $19.8 billion, driven by contributions from its diaspora in the U.S. and U.K.
Morocco, Kenya, and Ghana completed the top five, receiving $12 billion, $4.8 billion, and $4.6 billion respectively, reflecting strong support from their global diaspora communities.
