More Than Money, Remittances Keep Nigerians Connected and Afloat 

Millions of Nigerians rely on money from loved ones abroad to get by, but is financial support enough? How do remittances shape relationships and opportunities back home? 

A Lifeline from Abroad For many Nigerians, remittances are more than just financial aid, they are the difference between comfort and struggle, survival and uncertainty. A new report by Send App highlights how deeply the country depends on inflows from its diaspora, revealing that beyond sustaining everyday needs, these funds also nurture dreams, investments, and emotional bonds.

 Nigeria, home to one of Africa’s largest diaspora populations, has nearly 17 million citizens living abroad, according to the International Organisation for Migration (IOM). The economic ties between those who leave and those who remain are evident in the numbers: 25.4% of Nigerians have siblings overseas, while 23.4% have close friends living in foreign countries. Whether in Europe (33.6%), Africa (27.6%), or North America (25.4%), they continue to send money home, reinforcing Nigeria’s global footprint. However, while these remittances serve as a crucial safety net, they also expose the financial vulnerability of many Nigerians. 

A Mixed Bag: The Flow and Frequency of Funds

The report paints a complex picture of remittance patterns in 2024. While 11.4% of recipients received money weekly and 26% got it monthly, a significant 32% could only count on occasional transfers; often unpredictable and inconsistent. However, financial uncertainty loomed large for the 30.6% who rarely or never received help.

The amounts sent varied widely: 42.8% received less than $100 per transfer, barely enough to cover essential costs; 33.8% got between $100 and $500, offering some relief; 15% received between $500 and $1,000, supporting more substantial expenses; and only 8.4% received over $1,000 per transfer.

 Even small amounts make a difference. A $100 transfer (₦115,000 at parallel market rates) could cover rent in some areas, stock up on groceries, or settle urgent bills. With Nigeria’s minimum wage still at ₦30,000 ($26) per month remittances often provide more financial security than local salaries.

 Data from the Central Bank of Nigeria (CBN) underscores the scale of these inflows—$4.22 billion was sent through International Money Transfer Operators (IMTOs) between January and October 2024, nearly doubling the $2.62 billion recorded in 2023.

Yet, global economic challenges have cast a shadow over these numbers. Nigerians abroad, particularly in the UK, US, and Canada, have faced rising living costs, limiting how much they can send home.