Almaz Negash, CEO and founder of the African Diaspora Network (ADN), has noted that although over $100 billion is sent annually in remittances to Africa from the diaspora, other forms of investment can also be catalysed into the continent.
The World Bank reported that remittance flows to low- and middle-income countries surpasses foreign direct investment (FDI) and official development assistance (ODA). These funds have played a crucial role in supporting families, driving local business growth, reducing poverty, and creating jobs.
For diaspora Nigerians in particular, who are primarily concentrated in the United States and the United Kingdom, $19.8 billion was sent back home in 2024.